The leading crypto exchange Binance, recently announced the listing of Dogecoin. Very soon after listing of the cryptocurrency on Binance, a spike of more than 35% was observed in the valuation of Dogecoin due to the significant increase in the trading volumes. The price hike due to Binance listing is very welcoming for altcoins that are yet to be listed on the world’s biggest crypto exchange.
The coin that was previously being traded at $0.0032 with a market cap of around $387 million climbed to a valuation of $0.0044 with a hike in the market cap reaching $529 million, post listing news and it now currently stands stable at a valuation and market cap of $0.0037 and $446 million respectively according to BlockPublisher’s index.
The graph clearly shows the increasing trading volumes and price hike after the listing period on the 5th of July. The decentralized exchange stated that the currency is open for trade for DOGE/BNB, DOGE/BTC, DOGE/USDT, DOGE/PAX and DOGE/USDC trading pairs. Binance announced the listing on Twitter as well:
— Binance (@binance) July 5, 2019
The currency that was based on memes and is being operated in the cryptomarket merely on the basis of usage, having fundamentals literally based on trading volumes and adoption has grown to be one of the leading cryptocurrencies.
Even Elon Musk vouches for the coin as he tweeted that Dogecoin might actually be his favorite cryptocurrency. Dogecoin’s twitter was also in awe of the inspiring figure rooting for their project, they humorously replied:
— Dogecoin (@dogecoin) April 2, 2019
Even CZ admitted after the listing of DogeCoin that this might be the only currency that wouldn’t have the tech but is still listed. He tweeted with the reference of the poll that wanted Elon Musk to be the CEO of DogeCoin:
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!
— CZ Binance (@cz_binance) July 5, 2019
Binance has been making news for the past few months and for the right reasons. The crypto exchange has shown a tremendous amount of growth in a little span. In an attempt to push crypto adoption, the recent steps taken by Binance are indeed commendable.
The platform recently announced support for crypto futures trading. This news was revealed in Asia Blockchain Summit in Taipei by the CEO, CZ, himself in front of global brands and international media, further growing the hype of his exchange.
Apart from that, Binance has also planned a series of tokens that would be pegged to leading cryptocurrencies and would be placed on their native blockchain. This news also comes after they released a bitcoin pegged token BTCB that would maintain a 1:1 peg with bitcoin but would show transaction speeds and safety features of Binance’s native blockchain.
Apart from that, the biggest crypto exchange Binance also partnered BAM, to make an exclusive trading platform for the users from the US. With the bull market booming, institutions partnering with decentralized entities, and crypto world fully advancing to achieve mass adoption, the day isn’t far when the goal would be achieved.