The entire Dogecoin fever which started as a joke with a TikTok social media challenge now has exchanges rushing to capitalize on the surge. The latest Dogecoin news show that the coin is up by another 18% in the past 24 hours and exchanges are rushing to make money on the fever.
In that manner, Binance, Bitfinex and OKEx have all launched spot and futures markets in an effort to extract more money from hopeful investors. The exchanges are about to announce that they will join the race and set up new spot and futures trading pairs.
While Bitfinex and Binance confirmed this, now we can see another major player OKEx announcing the support for DOGE with margin trading, savings and DOGE/USDT margined perpetual swap trading options.
Bitfinex, however, is listing a new mix of the coin dubbed MegaDogecoin (MDOGE) where 1 MDOGE would equal 1 million DOGE ($4,651). The Binance news, on the other hand, show that the coin will be launched as a perpetual futures contract with up to 50x leverage.
The trading of the new pairs should start this Friday on all three major exchanges. The Dogecoin fever also has these exchanges battling with their offers. OKEx, for instance, warned swap traders on their website, app, desktop client and API that the access may be affected due to the listing of the DOGE/USDT swap, stating:
“Features such as market quote, order placement, order cancelations, order amendments, margin addition and transfer could be suspended from 03:00 to 03:30 am (UTC) on July 10.”
Some community members even took it to Twitter to discuss the Dogecoin fever – while others criticized the exchanges for offering huge leverage on a highly volatile coin to inexperienced traders.
I got out with a -$350 loss roughly as I had $5,800 onto DOGE like a fool lol.
— Zeal Stock Market Trader (@ZealTrading2020) July 9, 2020
The CEO of the crypto derivatives exchange FTX, Sam Bankman-Fried, was also in the cryptocurrency news, revealing that the DOGE futures contract now has the fifth highest 24 hour trading volume on his exchange, ahead of coins such as XRP and EOS.
— SBF (@SBF_Alameda) July 9, 2020
For now, it seems like the participants made money off the pump, and the coin has been up by more than 100% in the past 7 days. However, the crucial question now is how long the Dogecoin fever will last.
For more information on the TikTok challenge and Dogecoin fever, watch the video above.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]