In a notable development, Binance, the world's largest crypto exchange by trading volume, has announced the addition of Dogecoin (DOGE) to its USDC-margined futures offering. This move follows the successful launch of USDC-margined perpetual contracts on the platform earlier, aiming to provide users with enhanced trading options beyond USDT-margined contracts.
Exciting Listing for DOGE
Binance will introduce a USDC-margined DOGE perpetual contract on January 18, 2024, at 10:00 a.m. (UTC). This perpetual contract will allow users to engage in trading with leverage of up to 75x. The inclusion of DOGE in Binance's USDC-margined futures aligns with the growing popularity and acceptance of Dogecoin, originally created in 2013 as a playful parody of Bitcoin.
USDC-Margined Futures Offering Overview
The USDC-margined futures offering on Binance initially featured five cryptocurrencies: Bitcoin, Ethereum, BNB, SOL, and XRP. To mark the debut of these contracts, Binance has introduced a promotion offering users a 10% promotional trading fee discount on all related trades until April 3, 12:30 p.m. (UTC).
Multi-Asset Mode for Enhanced Flexibility
The USDC-margined DOGE perpetual contract functions with Dogecoin as the underlying asset and USDC as the settlement asset. Notably, users can trade this perpetual contract in Multi-Asset Mode, allowing for flexibility in margin assets. For instance, users can utilize BTC as a margin when trading the DOGEUSDC Perpetual Contract.
DOGE's Market Position
As of now, Dogecoin holds the 10th position in terms of cryptocurrency market capitalization, valued at over $11.49 billion, with a trading price of $0.08 per coin. The addition of DOGE to Binance's USDC-margined futures further reinforces its significance in the crypto landscape.
This move underscores Binance's commitment to diversifying trading options for its users and adapting to the evolving preferences in the cryptocurrency market. The inclusion of Dogecoin in USDC-margined futures is likely to attract additional interest and trading activity within the Binance ecosystem.