Leading cryptocurrency exchange Binance announced Wednesday that its U.S. trading desk is listing Dogecoin (DOGE). The exchange confirmed that starting Oct 24 (9:00 pm EST/6:00 pm PST), the DOGE/USD pair will officially make its debut on Binance U.S.
DOGE was already available for Binance’s international customers since July of this year when the platform listed the meme-themed cryptocurrency along with five trading pairs: DOGE/BNB, DOGE/BTC, DOGE/USDT, DOGE/PAX, and DOGE/USDC.
— Binance.US (@BinanceAmerica) October 24, 2019
DOGE Affected by Bitcoin Bloodbath
DOGE surged in value immediately after being listed on Binance earlier this July, prompting many to optimistically imagine that the next altcoin season was right in the corner.
Today’s announcement, however, hasn’t had any major impact on the value of the asset thus far, which is understandable given that the move only changes things for Binance’s U.S. customers. On top of that, the cryptocurrency space is yet to recover from the Oct 23 bloodbath that saw Bitcoin plummet more than $500 in mere minutes, dragging the whole market down with it.
Almost all major altcoins are dealing with the brunt of Bitcoin’s rapid devaluation on Wed, the exact cause of which is still unknown. But as BeInCrypto had previously pointed out, the possibility of large-scale manipulation of BTC price cannot be ruled out.
DOGE Could Still Kick Off an ‘Alt Season’
Meanwhile, cryptocurrency trader and analyst @TraderLenny had reported earlier in the week that DOGE might have started on an upward trajectory after reaching a major support level.
Remember that one alt coin that was supposed to be the leading alt season indicator?
It just started moving. pic.twitter.com/kjdDgy9sYk
— Lenny (@TraderLenny) October 17, 2019
Dogecoin came into being as a joke currency after Billy Markus, a developer from Portland, Oregon, decided it would be funny to create a cryptocurrency after the iconic ‘doge’ meme. As it turned out, the joke outplayed itself by making its way up among the top-30 cryptocurrencies in circulation.
DOGE has a reputation for making major strides sporadically throughout its history. Some analysts even view it as the best candidate for initiating the next alt season — especially considering that it has previously led the pack by becoming the first major altcoin to undergo a rapid increase.
Do you agree that the Dogecoin could really be the driving force fueling the next alt season? Let us know in the comments below.
Images courtesy of Twitter, Shutterstock.