It’s good times for the infamous Shiba Inu coin that started is someone’s idea of a joke.
Friday morning, Dogecoin is up 30% on news that the Binance exchange will start trading various Doge pairs.
“Binance said … that trading will open for dogecoin (DOGE) at midday (UTC) Friday,” writes Daniel Palmer this morning at Coindesk. “The exchange will at launch offer trading pairs for DOGE against Binance coin (BNB) and bitcoin (BTC), as well as the stablecoins tether (USDT), Paxos standard (PAX) and USD Coin (USDC). Users can already deposit DOGE in preparation for trading, the exchange said.”
DOGE’s price action is a good illustration of what can happen when a major exchange signs on to handle market transactions for a particular altcoin, which Dogecoin is in most people’s definitions.
Binance is a big mover in crypto – and recently it has made headlines for rumored plans of collaboration with Facebook and the development of their new Libra stablecoin.
As one commenter puts it, “There’s the coinbase effect – and then there’s the X10 Binance effect!”
If Binance puts down the $10 million needed to become a Facebook stablecoin node holder, that may cement its status even further.
Meanwhile, Dogecoin may experience further increases as it gets traded around the exchange.
For context, though, that particular small coin was up over half of a cent at the end of last year, and rose above 1.5 cents at its peak.
To benefit from this rally, you’d have to have bought in under a fraction of a cent.
In today’s wider context, many crypto currency fans are suggesting that Bitcoin’s market dominance means it is likely to gobble up most of the gains on the market, leaving altcoins out in the cold.
That’s something to take with a grain of salt as you’re evaluating where to put any particular crypto investment in today’s volatile landscape.