Binance, Bitfinex, OKEx list DOGE derivatives after meme-coin volumes jump 683%

Three of the largest cryptocurrency exchanges listed Dogecoin earlier today after the meme-currency jumped 50 percent in two days.”>Binance will offer DOGE perpetual swaps with 50x leverage, OKEx with a DOGE-denominated margined product, and”>Bitfinex with a “Mega DOGE” token representing 1 million Dogecoins per “DOG.”

Binance DOGE perps

The exchange tweeted this morning its listing of the DOGE perpetual swap with 50x leverage for traders.

#Binance Futures Will Launch @Dogecoin $DOGE/USDT Perpetual Contract With Up to 50x Leverage.

🐶 #Dogecoin

— Binance (@binance) July 9, 2020

This would enable speculators to further capitalize on their gains on DOGE positions. However, an equal risk of losses is also present.

Despite the listing, some community suggested the exchange listed DOGE only after it’s prices went up, regardless of continual requests to list the joke token:

now it’s hyped again good times to rekt some newbies ;(

— Vanessa ₿ (@CryptoVanessa) July 9, 2020

Bitfinex’s Mega DOGE

Hong Kong-headquarters”>Bitfinex listed its MDOGE product today, with each token representing 1 million DOGE. The former does not feature on any prominent cryptocurrency exchange.

Trading on DOG/BTC, DOG/USD, and DOG/UST begin July 10. The exchange said:

. @Dogecoin is landing on Bitfinex as MDOGE (MegaDogecoin), with a conversion rate of 1 million.

Deposits will open on July 10th at 7:30 AM UTC, trading and withdrawals will start an hour later.
Available pairs will be DOG/USD, DOG/UST and DOG/BTC.

— Bitfinex (@bitfinex) July 9, 2020

DOGE currently trades at $0.002, which pegs DOG at $2,000 per token. Some on crypto twitter seemed to welcome the increased exposure:

Forget #DOGE which was for pocket size pooches…#MDOGE or MegaDogeCoin is an easy way to buy 1 MILLION $DOGE

Amazing watching exchanges like #Bitfinex and #Binance capitalize on the craze.

For DOGs bigger than chihuahuas, there is a major exchange with your name on it 😂

— Crypto King (@JBTheCryptoKing) July 9, 2020

OKEx’s margined DOGE 

Not wanting to be left behind, Malta-based OKEx, a very popular exchange in the Southeast Asia market, also rolled out its DOGE-based trading product.

In a release shared with BitcoinLinux,”>OKEx said it will provide its users with DOGE margin trading, savings and DOGE/USDT-margined perpetual swap trading on its website from July 10.

Founder Jay Hao said in a statement:

“DOGE is a very popular coin with sophisticated marketing and market potential that many traders will enjoy speculating on and we believe that it will bring additional liquidity to the exchange.

DOGE was founded in 2013 as a joke by developer Jackson Palmer. He likened the currency as one used by Shiba-Inu dogs worldwide, complete with a dog emoji for a logo.

Later in 2015, he left the broader cryptocurrency community citing “an extended leave of absence.” Palmer has since stated he never expected DOGE to hit both the valuation and the popularity it has today.

In the past week, a”>viral TikTok video caused DOGE prices to jump multifold after users started a #dogecointiktokchallenge campaign.

(Source: TikTok)

The above has led to analysts like ex-Messari product head Qiao Wang to call”>TikTok the next major distribution platform for crypto-products.

The post”>Binance, Bitfinex, OKEx list DOGE derivatives after meme-coin volumes jump 683% appeared first on”>BitcoinLinux.

User Review
0 (0 votes)