Binance Expands Dogecoin Offerings with Margined Perpetual Contract
In a recent announcement, Binance, the largest crypto exchange in the world, revealed its plans to launch a new product for Dogecoin. The USDC-margined DOGE Perpetual Contract will provide traders with more options for trading the meme coin on the platform.
Binance’s goal is to expand the list of trading choices available on Binance Futures and enhance users’ trading experience. By introducing this new product, users will have multiple ways to trade Dogecoin.
The USDC-margined DOGE Perpetual Contract is set to begin trading on January 18. To encourage participation, Binance is offering a 10% promotional trading fee discount for any trades made on this contract.
It is important to note that Binance reserves the right to adjust various specifications of the futures contract based on market conditions. Additionally, users can trade these futures contracts across multiple margin assets using the Multi-Assets Mode.
DOGE Struggles to Gain Momentum
Despite several positive developments surrounding Dogecoin, such as Binance’s new offering, the meme coin has failed to experience a significant rally. Its price remains stagnant at $0.08, even as other large-cap cryptocurrencies reach new yearly highs.
According to data from Coinmarketcap, DOGE has experienced a 0.64% loss in the last day and is at risk of dropping out of the top 10 largest cryptocurrencies by market cap. Currently, DOGE’s market cap stands at $11.5 billion, while Tron sits in 11th position with a market cap of $9.6 billion.
Hot Take: Binance Expands Dogecoin Trading Options
Binance continues to expand its offerings for Dogecoin traders with the introduction of the USDC-margined DOGE Perpetual Contract. This new product provides more flexibility and trading options on the Binance platform, allowing users to bet on the price of Dogecoin. However, despite these positive developments, DOGE has struggled to gain momentum and remains stagnant compared to other cryptocurrencies in the market. It will be interesting to see if the launch of this new contract can spark renewed interest and potential price movements for Dogecoin.
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