Cryptocurrencies’ price behavior can change according to specific factors and circumstances. For example, it is evident that a fact that lowers people trust in these assets, such as a hacking attack to a known exchange, can negatively affect the value. In this case, one of the most popular altcoins has experienced a surge due to an external situation.
Dogecoin’s price has been climbing in the most recent hours since it was revealed that it will soon be listed in Binance, one of the most widely used and influential cryptocurrency exchanges in the industry of digital assets.
Binance Announcement: Users can Start Depositing DOGE
On a note in its website, Binance published the announcement: “Fellow Binancians, Binance will list Dogecoin (DOGE) and open trading for DOGE/BNB, DOGE/BTC, DOGE/USDT, DOGE/PAX and DOGE/USDC trading pairs at 2019/07/05 12:00 PM (UTC). Users can now start depositing DOGE in preparation for trading.”
After the announcement was made, the user base began to increase their holdings. The always reliable data of the CoinMarketCap site has all the details about DOGE’s most recent price increase.
The cryptocurrency, at the moment of writing this piece, was exchanging hands at $0.003801 USD, an 18.10% increase over the last 24 hours. However, it peaked at $0.004306, which represents an astonishing 37% surge.
CZ Lauds Dogecoin’s Colorful Community
Known crypto personality and Binance Chief Executive Officer Changpeng Zhao, also known as CZ, made it clear that he views Dogecoin as one of the most popular digital assets in the field, which prompted the exchange to offer it among the options to trade.
To explain the listing to the world, CZ wrote on his official Twitter account that “this one is an exception, as there isn’t much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous “ex-CEO” (cough @elonmusk) helps!”
The Elon Musk reference comes because the Tesla and SpaceX founder wrote a tweet in April that said: “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” He even, jokingly of course, modified his Twitter bio to “CEO of Dogecoin.”
The Dogecoin Project, from Up Close
Dogecoin is currently the 29th ranked cryptocurrency by market cap, with $456,998,619. The trading volume in the last day was $196,170,605, and there are a total of 120,219,215,287 DOGE currently in circulation.
Dogecoin (code: DOGE, symbol: Ð1 and D) is a cryptocurrency that originated from Litecoin. It uses a Shiba Inu dog as a mascot, which comes from a popular online meme. Dogecoin was created by programmer and former IBM engineer Billy Markus, who was originally joking around with the Bells crypto asset.
The official website refers to the project as a “decentralized, peer-to-peer digital currency that enables you to easily send money online. Think of it as ‘the internet currency’.”
Prominent names in the industry, such as John McAfee, Vitalik Buterin and Musk have previously showed their support to Dogecoin, regarding it as a likable and successful project.
By Andres Chavez