In recent days, we could see how organized groups shake the established stock market. This organized movement affected also the Dogecoin (DOGE) market, causing the price of a digital asset to skyrocket.
Some cryptocurrency exchanges have decided to take advantage of the peak in popularity of DOGE and provide traders with more opportunities to trade it.
So Binance, the largest cryptocurrency exchange in terms of daily volume and number of pairs on the platform, also didn’t remain indifferent to the growth of Dogecoin and announced new trading pairs for DOGE.
According to the platform’s statement, from February 2, Binance will add three fiat pairs to trade with DOGE. Back in the late 2019, only one trading pair DOGE / USDT was available for Binance users.
The pump that took place last Friday was done by a group of Telegram users. The coin moves very briskly and quickly. Its members raised the price of DOGE by over 1000% in just two days. Will the coin continue to rise in value or is it time for a decline? It is rumored that the price of DOGE will see another rise. Although at the moment the group has shifted its focus to other coins, traders on Reddit want to raise Dogecoin to $ 1, making it the 3rd largest cryptocurrency by market capitalization after Bitcoin and Ethereum. They have already managed to raise it from 24th place to 17th in just a day.
Why is Dogecoin so popular?
DOGE, is an open source cryptocurrency that has evolved into an enjoyable, friendly and easy-to-use internet currency. Dogecoin has a strong and loyal user base that uses Doge as a currency. Not just holding it as a speculative asset. Although, like other cryptocurrencies, users hold Dogecoin as an investment or to trade in pursuit of profit. While Dogecoin initially started out as a joke, it quickly gained a lot of popularity and has a very strong community around the cryptocurrency, which is now one of Dogecoin’s biggest assets. In addition, the community enjoys significant social media support.