Binance, the largest crypto exchange in the world, is expanding its Dogecoin offerings once again with the latest addition. This time around, the crypto exchange is launching a margined perpetual contract for the meme coin, giving traders more options when it comes to betting on the price of Dogecoin.
Binance To Unveil USDC-Margined Perpetual Contract For Dogecoin
In an announcement on Wednesday, Binance revealed that it will be launching a new product for Dogecoin. This product is the USDC-margined DOGE Perpetual Contract that will allow traders to trade DOGE in a new way on the crypto exchange.
As Binance explains, the reason behind the launch is “To expand the list of trading choices offered on Binance Futures and enhance users’ trading experience.” This way, users have a variety of ways in which they can trade Dogecoin.
Trading for the USDC-margined DOGE Perpetual Contract is expected to begin on January 18. As an incentive, the crypto exchange is offering a 10% promotional trading fee discount for any trade placed on this USDC-margined DOGE Perpetual Contract.
Other conditions outlined as this product begins trading are that “Binance may adjust the specifications of the aforementioned futures contract(s) from time to time, which include the funding fee, tick size, maximum leverage, initial margin, and/or maintenance margin requirements,” based on market conditions.
Additionally, “Multi-Assets Mode allows users to trade the aforementioned futures contract(s) across multiple margin assets, subject to the applicable haircuts,” the exchange said in the announcement.
DOGE price falls to $0.08 | Source: DOGEUSD On Tradingview.com
DOGE Fails To Launch
Despite what seems like a lot of bullish news going out in relation to Dogecoin, the meme coin has failed to make any notable rally. The Dogecoin price continues to trend low at $0.08 even at a time when other large caps have gone on to make new yearly highs.
Even with the latest Binance announcement, DOGE remains immune to any recovery trends, with no losses of 0.64% in the last day, according to data from Coinmarketcap. It is also dangerously close to being kicked out of the top 10 largest cryptocurrencies by market cap. DOGE’s market cap is $11.5 billion, compared to Tron, which currently sits in 11th position with a market cap of $9.6 billion.
Featured image from Coin Culture, chart from Tradingview.com
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Author: Scott Matherson