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The price of the popular Dogecoin cryptocurrency skyrocketed after the announcement that it has been listed on the Binance exchange at midday (UTC) Friday. The cryptocurrency had surged by 34 percent to $0.004324.
Binance announced that they will list Dogecoin (DOGE) and open trading for DOGE/BNB, DOGE/BTC, DOGE/USDT, DOGE/PAX and DOGE/USDC trading pairs at 2019/07/05 12:00 PM (UTC). Starting from today, users can deposit DOGE in preparation for trading. DOGE Listing Fee is 0 BNB.
— Binance (@binance) July 5, 2019
After the news DOGE jumped more than 34% to $0.004324 at the time of writing. That means that around $100 million has been injected into the altcoin’s market cap, but also leaves the door open for further highs or a dip as traders interest cools off. During its all-time high in late 2017, Dogecoin hit $0.017.
DOGE is the 27th largest cryptocurrency by market capitalization, and has been already listed on almost 80 exchanges.
The idea its creators Billy Markus and Jackson Palmer had, was to try to popularize a “lighter” approach to cryptocurrencies among the audience that was fed up with technicalities and stories of controversies. They said that choosing “Shiba Inu” for its mascot, they wanted to put the fun back in the world of cryptos while offering the same level of functionalities as the bigger and more serious players.
Palmer also said that he doesn’t believe that crypto industry is progressing, as today there are a lot of startups with a poor quality of work in the sphere. He said:
“All in all, the cryptocurrency space increasingly feels like a bunch of white libertarian bros sitting around hoping to get rich and coming up with half-baked, buzzword-filled business ideas which often fail in an effort to try and do so.”
What is interesting is that this Binance’s move was followed by a Tweet from Ethereum’s co-founder Vitalik Buterin who called himself a “pro-DOGE” when answering on some investors questions.
What do you think of Dogecoin?
Please answer me
— Samu (@QuodSemper) July 4, 2019
I'm very pro-Dogecoin.
— Vitalik Non-giver of Ether (@VitalikButerin) July 4, 2019
And after “Samu” tweeted on June 27 that we would see a Dogecoin price rally soon, John McAfee answered:
I have to agree
— John McAfee (@officialmcafee) June 27, 2019
Let’s also not forget that last year, Binance CEO Changpeng Zhao said he is no longer involved in deciding which coin to list. He added back then that there is no hard metric to be listed, but if a project has a good working product and has users, they will list it.
Also, two months ago, Coinbase announced that “Coinbase Wallet”, its user-controlled (i.e. non-custodial) wallet app for iOS and Android, is being updated to include Dogecoin (DOGE) support.
Some members of crypto community think the decision came out as a result of Elon Musk’s endorsement on April 2:
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
Later he went on with his April fool’s joke stating that he is the first (and last) ‘CEO’ of Dogecoin. The entrepreneur quickly replaced his Twitter biography with a short “CEO of Dogecoin.”
Musk has been pretty much pro-crypto especially Bitcoin even though his companies are not involved in the crypto activity. As Musk explained, that is because of the high energy intensity of cryptos. He said:
“One of the downsides of crypto is that computationally it is quite energy intensive. So there have to be some kind of constraints on the creation of crypto. But it’s very energy intensive to create the incremental Bitcoin at this point.”