Will More Exchanges Look to Cash in on TikTok Bullrun?
It seems that many within the crypto space are looking to make the most of Dogecoin's (DOGE) TikTok inspired rally. This includes TRON's Justin Sun who declared that he will focus on creating TRON videos on the platform.
Doge and Exchanges
While the viral TikTok video mentioned the use of the trading app Robinhood, many exhanges are now looking to capitalize on the asset. This includes Bitfinex who have recently introduced Dogecoin on their platform and Binance who are introducing Dogecoin Futures contracts.
. @Dogecoin is landing on Bitfinex as MDOGE (MegaDogecoin), with a conversion rate of 1 million.— Bitfinex (@bitfinex) July 9, 2020
Deposits will open on July 10th at 7:30 AM UTC, trading and withdrawals will start an hour later.
Available pairs will be DOG/USD, DOG/UST and DOG/BTC. https://t.co/j4WB76g1A4 pic.twitter.com/d3v7lFif36
Bitfinex's Mega Doge
On Bitfinex's Dogecoin was introduced as MegaDogeCoin and will have a conversion rate of 1 million. This means 1 MDOGE = 1000000 Dogecoin and it will trade with most common trading pairs. This includes US Dollar (DOG/USD), Tether (DOG/UST) and Bitcoin (DOG/BTC).
Binance & Dogecoin
Seeing that Binance already listed Dogecoin roughly a month ago, on the 5th of June, they have decided to introduce a new Dogecoin instrument. That was revealed earlier today to be DOGE/USDT Perpetual Contracts. This will include up to 50x leverage.
More exchanges might get caught up in the current excitement surrounding Dogecoin. The "TikTok rally" has pushed it up to $0.0044 currently. While more exchanges could further bolster Dogecoin's price, there is no telling how long the rally will last. If DOGE's rally keeps on going at its current rate, we could see it at possibly $0.07 by next week.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado