The world’s leading cryptocurrency exchange, Binance, has just listed one of the world’s most popular digital currencies – Dogecoin. As a result, the price of the memecoin, as many refer to it, has skyrocketed, gaining upwards of 30% on the day. Moreover, this could be the precursor to an oncoming altcoin season.
DOGE Is Now On Binance
Dogecoin, a cryptocurrency created by Billy Markus and Adobe’s Jackson Palmer with the intention of being a fun alternative cryptocurrency and reach a broader demographic than Bitcoin, has been listed on Binance. As CryptoPotato reported, Dogecoin was invented to end the madness of the gold rush-like manner in which cryptocurrencies were being pursued and mined at the time.
Following the announcement, DOGE surged 30% in a day, highlighting the so-called “Binance Effect.”
Explaining why Binance had decided to list DOGE, Changpeng Zhao stated that it was an exception.
This one is an exception, as there isn’t much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous “ex-CEO” (cough @elonmusk) helps!
— CZ Binance (@cz_binance) July 5, 2019
Naturally, many failed to agree and noted that the DOGE network is actually more scalable than that of TRON, and that there is just as much development occurring with Dogecoin as with Litecoin. In any case, people can now trade DOGE on the world’s leading cryptocurrency exchange.
A Precursor to an Altcoin Season?
The formation of a potential altcoin season is something that a lot of people have been talking about. With Bitcoin’s latest rallies, however, this seemed more and more unlikely, as the majority of cryptocurrencies struggled to catch up with the massive gains of BTC.
During the past 7 days, however, BTC has somewhat stalled. In fact, its price actually declined by about 6 percent. For those who are hoping for an altcoin season, that’s definitely a good sign.
Moreover, historically, whenever DOGE has done well, it’s usually a sign that altcoins have peaked. With Bitcoin having been moving sideways for about a week now and Dogecoin marking substantial gains, could this mean that we are on the verge of the next altcoin season? We’ve yet to find out. Of course, it’s also worth noting that DOGE’s pump could be solely tied to the Binance listing, as such listings usually lead to serious price increases.