Published: Sun, July 07, 2019
Markets | By Otis Pena

Dogecoin Surges 37% on Binance Listing, Major Moves for Altcoins

Dogecoin Surges 37% on Binance Listing, Major Moves for Altcoins

Several other notable names within the cryptocurrency industry including Vitalik Buterin, founder of Ethereum and John McAfee, the cybersecurity expert turned crypto investor have also lauded Dogecoin on social media in the past several days.

DOGE has been trading at $0.00318 when the news of Binance listing broke and it jumped to $0.00447 level.

Everyone's favourite internet pup Doge and it's cryptocurrency counterpart Dogecoin (DOGE) is finally going to be listed on Binance.

The DOGE markets on Binance will open at 12 p.m. UTC today (July 5). "Users can now start depositing DOGE in preparation for trading".

In light of this long-awaited news, the altcoin has received a notable price boost as per data from CoinMarketCap.

The Binance listing-which, unusually, comes with no fee attached-is a major plus for the peer-to-peer currency, which is modelled on a meme-dog, the Shiba Inu.

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The CEO of Binance Changpeng Zhao emphasized on the reasons behind the decision to add Dogecoin to his platform.

A listing by premier cryptocurrency exchanges like Binance or Coinbase often leads to a mini-rally in the listed cryptocurrency, and DOGE is no exception.

It is essential also to note that a year ago, Zhao said that he would no longer involve himself in deciding which crypto-coin to list on Binance.

On April 1, Elon Musk said the same thing, praising DOGE and calling the coin his favourite.

The Australian technologist originally conceived the crypto, as a joke in 2013- a riposte to bitcoin and the upswell of investment in crypto.

The creators of Dogecoin produced it as an attempt to foster a "better" method of digital assets among the crypto-community that was exhausted with technical issues and controversial stories. It implies that the DOGE can also be utilized for P2P payments, conversion, trading, and mining just like Bitcoin.

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