Dogecoin Surges 37% on Binance Listing, Major Moves for Altcoins
Dogecoin is surging today, up 37% in earlier trade, on the news that Binance—the world’s leading cryptocurrency exchange—has listed it.
Dogecoin is one of the most popular digital currencies out there and currently trades at $0.003769 USD per coin. Now, some are speculating if this momentum will help to drive an oncoming altcoin season.
Dogecoin is Now on Binance
Also dubbed the “memecoin,” Dogecoin was initially created by Billy Markus and Adobe’s Jackson Palmer as a joke alternative cryptocurrency to Bitcoin. The pair had never expected how big it would grow and now its position is cemented with a listing on Binance.
According to CryptoPotato reported:
“Dogecoin was invented to end the madness of the gold rush-like manner in which cryptocurrencies were being pursued and mined at the time.”
Following the announcement, DOGE surged over 30% in a day. The jump reiterates how important Binance can be to a coin’s success.
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In a Tweet, Binance founder Changpeng Zhao explained the decision to list DOGE, calling it an “exception:”
“This one is an exception, as there isn’t much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous “ex-CEO” (cough @elonmusk) helps!”
Zhao is referring to Musk’s playful change of his Twitter bio when he briefly called himself the “CEO of Dogecoin.”
Trading for Dogecoin begins today at midday UTC time. The exchange will offer trading pairs for DOGE against Binance coin (BNB) and Bitcoin (BTC). Stablecoins Tether (USDT), Paxos standard (PAX), and USD Coin (USDC) are also applicable.
Users are already allowed to deposit DOGE in preparation for trading.
Are you excited about this news? Do you think an altcoin season could be upon us? Let us know your thoughts!
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