Dogecoin: Potential Price Surge Expected With New Binance Trading Pair
Over the past week, Dogecoin (DOGE) has been trading sideways along with the rest of the cryptocurrency market.
The meme coin saw a brief increase in value following the SpaceX Starship launch but quickly dropped when the rocket exploded in flames. However, DOGE may have a chance to recover thanks to a new listing on Binance, the largest cryptocurrency exchange in the world by trading volume.
On Thursday, Binance announced the launch of a new trading pair for Dogecoin, the TUSD/DOGE pair. This pair will allow users to trade DOGE with Binance’s preferred stablecoin, TUSD.
Binance’s decision to switch its zero-fee Bitcoin (BTC) trading pair from BUSD to TUSD earlier this year after the issuer behind BUSD, Paxos, received a Wells Notice from the US Securities and Exchange Commission (SEC) resulted in a massive decline in BUSD’s market cap.
With Binance’s support, TUSD has rapidly grown in popularity, and the new trading pair for DOGE is expected to increase its trading volume even further.
The TUSD/DOGE pair was listed for trading on Binance on Friday, April 28, with zero maker fees. Binance also enabled Binance Spot Grid for the meme coin within 48 hours after trading commenced. Additionally, Binance announced two other new trading pairs: WBTC/USDT and USDT/ARS.
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Launching the new TUSD/DOGE trading pair is seen as bullish news for Dogecoin, as it is expected to increase its trading volume on Binance. The exchange already accounts for over 20% of the total DOGE trading volume, and the new trading pair is expected to encourage even more trading.
As a result, the price of DOGE is likely to rise, and if the bullish momentum sustains, the digital asset could reach $0.1, which would be a 20% increase.
Although DOGE is currently trading at $0.08025, up 0.72% on the 24-hour chart, it has fallen 4.77% on the weekly chart. Nonetheless, the launch of the TUSD/DOGE trading pair is a positive development for Dogecoin and could potentially help the meme coin recover from its recent losses.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
