Elon Musk’s “Favorite Cryptocurrency” Dogecoin Spikes 40% with Binance Listing, Kickstarting Alt-Season?

Today, the world’s largest cryptocurrency exchange Binance announced that it will be listing Dogecoin on July 7th, Sunday at 12 PM UTC.

The exchange will open trading for DOGE/BNB, DOGE/BTC, DOGE/USDT, DOGE/PAX, and DOGE/USDC trading pairs. For now, the users can start depositing in preparation for the trading.

#Binance Will Dogecoin ( $DOGE)https://t.co/buj7QF3dGC pic.twitter.com/LNIoLua3l7

— Binance (@binance) July 5, 2019

Binance explicitly wrote, “DOGE Listing Fee: 0 BNB.”

This announcement pumped the price of Dogecoin to a whopping 40 percent.

The 27th largest cryptocurrency with a market cap of $475 million is currently trading at $0.00394 with 24 hours gains of more than 18 percent.

DOGE has been trading at $0.00318 when the news of Binance listing broke and it jumped to $0.00447 level.

DOGE price jumped a whopping 40% after Binance announced listing, Source: Coinmarketcap

Back in April, Tesla and SpaceX CEO Elon Musk called Dogecoin his “fav cryptocurrency” and “pretty cool,” that took its prices soaring 30 percent.

“Dogecoin rulz,” Musk Tweeted in April.

Just last week, crypto proponent John McAfee said Dogecoin is poised for a big rally.

“Doge started life as joke/prank coin. The coin now has a market cap of $360 mil. The crypto market is, in no way, related to the stock market. Inherent value is, ultimately, based on usage. Doge is one of the fastest growing coins based on use. Go figure,”

said McAfee.

Is It the Start of Altcoin Season?

Though Doge has jumped a whopping 40 percent, it is unlikely that it has jump-started the alt season.

"Doge kicking of alt season…." …. No, it really is not. Alts still don't look good 🙄

— The Cryptomist (@TheCryptomist) July 5, 2019

Dogecoin is rising on the back of a listing which is the norm in the crypto space. Moreover, the top coins are very much in the red and down by 75 to 95 percent from their all-time highs.

most alts look identical to this so it's not much of an outlier, most are doing poorly (maybe not the price structure but in terms of drawdown).

First photo compared to other coins is USD but BTC terms it's very similar pic.twitter.com/1uiOlUUo4A

— moon (@MoonOverlord) July 5, 2019

Despite Bitcoin trading sideways, altcoins are doing nothing but going lower and lower, giving no signs of recovery yet.