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    Home » Crypto News » With The Latest TikTok Pump, Binance and OKEx Invite Their Traders To Short Dogecoin (Doge)

    With The Latest TikTok Pump, Binance and OKEx Invite Their Traders To Short Dogecoin (Doge)

    Author: George Georgiev

    Last Updated Jul 13, 2020 @ 10:37

    Dogecoin has received the spotlight in the last few days. Now, major exchanges are inviting their traders to short it.

    Following the latest impressive pump in the price of Dogecoin, largely attributed to the influx of TikTok-inspired traders, two major exchanges have added perpetual futures contracts for the coin. This allows users to essentially short DOGE with very high leverage.

    Dogecoin Receives The Spotlight

    As CryptoPotato reported yesterday, Dogecoin surged by over 100% in less than a couple of days.

    The reason for this pump, however, doesn’t hide in complex technical analysis or improving fundamentals. Instead, one person urged his followers on TikTok to buy DOGE on the count that it’s practically worthless.

    In any case, the hype this created has prompted some of the major exchanges to expand their product sets and include the cryptocurrencies in the form of perpetual contracts.

    Binance Futures, the derivatives arm of the world’s largest exchange, announced that it will list the DOGE/USDT perpetual contract with up to 50x leverage starting tomorrow. This will essentially allow traders to short DOGE against Tether (USDT) with a factor of 50x.

    ADVERTISEMENT

    OKEx was quick to follow suit. In a press release shared with CryptoPotato, the exchange revealed that it will list DOGE for margin trading, savings, as well as the DOGE/USDT-margined perpetual swap trading. This will happen tomorrow, as well.

    In a different announcement, another major exchange, Bitfinex, said that it will also list Dogecoin. However, the trading venue took a different approach and intends to list the cryptocurrency as MDOGE, which is short for Mega Dogecoin. The conversion rate of this cryptocurrency will be 1 million. In other words, 1 MDOGE is equal to one million DOGE. At the time of this writing, this is equal to approximately $4,697.

    In any case, what most of the experienced traders are excited about is the altcoin season that usually follows pumps in Dogecoin. The CEO of OKEx shared his thoughts on that matter in a detailed LinkedIn pulse post.

    Dogecoin Pumps Precursor to an Altcoin Season?

    Digging deeper into the subject, Jay Hao, the CEO of OKEx, urged investors to be wary, especially in times of increased trading hype.

    He explored whether or not the increasing popularity of DOGE is a precursor to an altcoin season, citing information from the popular data resource Coinmetrics.

    During a bull market, most people will buy Bitcoin first, but they will later sell their Bitcoin to buy altcoins.

    During a bull market, altcoins’ trading volume continues to rise, and Bitcoin’s trading volume begins to decline.

    first_purchase_bull_market-min
    Buying Attitude, Bull Market. Source: Coinmetrics

    However, Hao also noted that “by the time everyone knows that altcoin season has begun, the round of bull market is likely to be over already. This is why people always say that there are many people who make money in the bull market, but more people lose money.”

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    You Might Also Like:

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      Binance, Huobi, OKEx Announce Support for QTUM Offline Staking to Further DeFi Involvement in Asia
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      Short Time? After 30,000% Since Launch, Binance Futures Adds Yearn Finance (YFI) For Leveraged Trading
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      OKEx CEO Jay Hao: Many People Will Lose Money In DeFi (Exclusive Interview)
    Tags: Binance Binance Futures Bitfinex Dogecoin OKEx
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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