Why This New Listing Could Push Dogecoin Price Above $0.1
Dogecoin (DOGE) has been trading sideways with the rest of the crypto market for the better part of the week. The meme coin had seen some upside with the SpaceX Starship launch but crashed soon after as the rocket exploded in flames. However, there could be light at the end of the tunnel for the digital asset with a new listing that brings with it the promise of increased volume for the meme coin.
Binance Announces TUSD/DOGE Trading Pair
On Thursday, Binance, the largest cryptocurrency exchange in the world by trading volume, announced that it would be launching a new trading pair for Dogecoin. The new pair was the TUSD/DOGE pair that would allow users to trade the meme coin with Binance’s new favorite stablecoin.
Earlier in the year, Binance had switched its zero-fee Bitcoin (BTC) trading pair from BUSD to True USD (TUSD) after Paxos, the issuer behind the BUSD stablecoin, had received a Wells Notice from the US Securities and Exchange Commission (SEC). The firm was ordered to stop issuing the stablecoin, which resulted in a massive decline in its market cap as holders rushed to redeem their holdings.
With Binance’s switch from BUSD to TUSD, the stablecoin rapidly grew in popularity. Now, Binance has spread its support for TUSD once more as it announced the new pair for the foremost meme coin, which is looking very bullish for Dogecoin.
The exchange announced that it would be listing the pair for trading on Friday, April 28. As an added benefit, Binance is offering zero maker fees for this trading pair and added that Binance Spot Grid would be enabled for the meme coin within 48 hours after trading commences.
Alongside the TUSD/DOGE pair, Binance also announced two new trading pairs. These include the WBTC/USDT trading pair and the USDT/ARS trading pair.
DOGE seeing slight upside on Friday morning | Source: DOGEUSD on TradingView.com
Bullish News For Dogecoin
The announcement of the new trading pair on Binance is more bullish for the meme coin. By allowing users to trade with zero maker fees, it will encourage the trading of Dogecoin on the exchange which already accounts for over 20% of the total DOGE trading volume.
As the volume rises with this listing, the price of the cryptocurrency will likely go up with it. If the bullish momentum sustains, then Dogecoin could see a price of $0.1 coming out of the weekend. This would mean an over 20% increase for the digital asset as well.
Interestingly, DOGE is already seeing some slight upside in the early hours of Friday. Trading at $0.08025 at the time of writing, it is up 0.72% on the 24-hour chart. However, DOGE is still performing poorly on the weekly chart after falling 4.77%.
