Binance Boosts Dogecoin (DOGE) with USDC-Margined Perpetual Contract, Offering 75x Leverage (crypto-news-flash)
- Binance has announced a major boost for Dogecoin (DOGE), a new USDC-margined DOGE perpetual contract to enhance trading.
- This is one of many offerings introduced by Binance in the new year as it grapples to onboard users in the highly competitive industry.
Binance, the world’s largest cryptocurrency exchange has announced new offerings for Dogecoin (DOGE) traders. According to the announcement, the exchange will expand the list of services on Binance Futures by launching the USDC-margined DOGE perpetual contract.
With this offering, traders will be allowed up to 75x leverage. The offering will commence on January 18 and will be incorporated with Multi-Assets Mode activate, allowing clients to use numerous cryptocurrencies, including Bitcoin (BTC), as a margin.
Additionally, the company will offer users a 10% promotional fee discount for all trades on USDC-margined futures contracts until April 3, 2024. However, the platform warns of adjusting the specifications of the contracts, noting;
Based on market risk conditions, 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,
Dogecoin (DOGE) Experiences Low Volatility
This is a major boost for Dogecoin (DOGE) as the memecoin will enjoy increased liquidity and credibility, a major boost for investor confidence. Despite this positive news, DOGE has recorded little activity. At the time of press, DOGE has recorded a marginal drop of less than 1% and is exchanging for $0.08038. With a market cap of $11.5 billion, the 11th-ranked cryptocurrency has slipped out of the top ten coins.
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Its lack of price action is partly due to its lack of any fundamental changes in its network as well as a lack of interest which has in recent years been largely triggered by Elon Musk. But as CNF has speculated, recent payment license approvals have led to speculation that DOGE could take center stage. Most recently, X Payments LLC secured a Money Transmitter License in Utah, advancing its digital banking ambitions in the United States.
In the past, Elon Musk has speculated that he wants to build a financial platform that replaces all banks. Furthermore, X has confirmed that it launch peer-to-peer payments this year. Experts predict that DOGE, the billionaire’s favorite coin, will be at the center of all these developments. This will catapult its demand and value alike.
Binance, on the other hand, has been working hard to clean up its business and attract investors (new and old) to its platform. After regulator hurdles that ended with CEO Changpeng Zhao resigning last year, the exchange faced backlash and witnessed record exits from traders. It has since been walking the tightrope as it seeks regulatory compliance all over the world. Furthermore, it has introduced new features and rewards for traders as it tries to cement its position as the most popular crypto exchange in the world.
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