This week, the coin that ignited the altcoin rally is Dogecoin, which has jumped 130% in less than four days.
The 27th largest cryptocurrency soared to $0.0053 today, a level last seen in October 2018. Currently, DOGE is trading at $0.0045, still up 26% in the past 24 hours, but has started to turn red by 3.17% in the past hour.
DOGE, however, is still off 75% from its all-time high of $0.00182 hit in early January 2018.
The semi-viral videos on the platform pushed the young investors who use Robinhood to jump into the cryptocurrency. There have been millions, over eight million “Dogecoin” tags, and more than 300k posts about the “Dogecoin challenge” on the app.
“Let’s all get rich. Dogecoin is practically worthless. There are 800 million TikTok users. Once it hits $1, you’ll have $10,000. Tell everyone you know,” one such Tik Tok user James Galante told his followers.
These gains have put Dogecoin and, by extension, the crypto market in the limelight with the mainstream media covering this wild swing just like it happened during the 2017 crypto rally.
Making the Best of this Frenzy!
Now, cryptocurrency exchanges want more than a share of this pie. They are here to make the most of this frenzy by allowing people to be long or short this “joke currency.”
The leading spot cryptocurrency exchange Binance announced that it will launch DOGE/USDT perpetual contract with up to 50x leverage. It was only a year back that Binance listed Dogecoin, which was created in December 2013.
The trading for this contract will open tomorrow at 2020/07/10 09:00 AM (UTC). But this isn’t going well with the crypto community.
“They are launching to steal your money. Run, Doge holders run,” wrote one user.
Another exchange is Huobi that is planning to launch the Dogecoin futures, but no date is announced yet.
“Huobi Futures will only list quality cryptocurrency that has a high-level market cap to ensure user's safety. Our community always comes first. #dogecoin,” announced Ciara Sun, Head of Global Business and Markets and Vice President at Huobi.
Meanwhile, Bitfinex is taking this opportunity to list Dogecoin as MDOGE (MegaDogecoin) with a conversion rate of 1 million, 1 MDOGE = 1000000 Dogecoin. Three trading pairs will go live: MDOGE will be traded with US Dollars (DOG/USD), Tether (DOG/UST), and bitcoin (DOG/BTC).
The deposits for the crypto will open tomorrow at 7:30 AM UTC, and trading and withdrawals at 8:30 AM UTC the same day.
With altcoins going into a rally mode, no one wants to miss the opportunity to make some profits, and for crypto exchanges no matter the price goes up or down, the user gains or losses, it will only help them rake in big fat revenue.