By Mayowa Adebajo
Edited by Julia Sakovich
Updated
3 min read
Binance has revealed plans to launch new spot trading pairs and trading bot services for a select few tokens. The seemingly routine move is an effort on Binance’s part to improve users’ trading experience on its platform.
Binance has revealed plans to launch new spot trading pairs and trading bot services for a select few tokens. According to a Wednesday announcement by the world-leading exchange, this new development concerns Dogecoin (DOGE), AAVE, NEAR, and Polygon (MATIC) cryptocurrencies.
The seemingly routine move is an effort on Binance’s part to improve users’ trading experience on its platform. However, the digital assets also stand to benefit from the expansion as the move provides them with enhanced trading opportunities and strategies.
As per the schedule of launch, the exchange announced that it will begin spot trading for the AAVE/FDUSD, DOGE/JPY, MATIC/JPY, NEAR/JPY, and TON/USDC crypto pairs on August 22 at 08:00 UTC.
As earlier noted, this move expands the trading options for these cryptocurrencies by catering to a broader range of fiat currencies and stablecoins. The inclusion of JPY among the pairs, for example, is expected to attract global traders and enhance the liquidity of these assets.
Furthermore, Binance says it plans to also enable trading bots services for these coins. Launched to assist traders, the bot services will go live at the exact date and time as the trading pairs are set to go.
Spot Grid and spot Dollar-Cost Averaging (DCA) services will be available for coins including BANANA/USDT, BTC/EUR, BTC/TRY, LISTA/USDT, TAO/USDT, and TON/USDT. Rebalancing bot services will also be introduced for BANANA/USDT, LISTA/USDT, TAO/USDT, and TON/USDT. These bots are designed to automate trading strategies, allowing users to make the best of their investment strategies with minimal manual intervention.
The newly listed tokens have shown varied performance trends. DOGE has experienced a slight decline of 1.15% on the day, trading at $0.1041. Similarly, TON saw a 2.37% drop to $6.67. In contrast, AAVE has surged by 6.21%, now trading at $137.03, reflecting strong investor interest. MATIC has also seen a notable increase, with its price rising by 6.96% to $0.4716. NEAR, however, has dropped 0.5%, bringing its value to $4.07.
Recent data from LookonChain sheds more light on the accumulation of AAVE by large investors. That is, with nearly $8 million worth of AAVE being bought recently. This budding interest may just have contributed to the bullish sentiment around AAVE, which is now being fueled more by Binance’s latest announcement.
Constantly adding new trading pairs and bot services is not the only way that Binance knows to use in expanding its platform offerings. The exchange has also introduced futures contracts for Voxies and a new launchpool listing for DOGS. These additions reflect Binance’s ongoing efforts to diversify its services and cater to a wider range of trading preferences and strategies.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
