- Binance exchange has introduced a new trading partner for Dogecoin, TUSD/DOGE, alongside zero maker fees bonus for the trading pair.
- This encourages more trading of DOGE on the exchange, which already accounts for more than 20% of meme coin’s trading volume.
- With a growing trading volume for DOGE, Dogecoin price is expected to rise.
Binance exchange said in a Thursday announcement that it would be launching a new trading partner for Dogecoin (DOGE). In the latest development, the largest exchange by trading volume revealed TrueUSD (TUSD), thus the TUSD/DOGE trading pair.
Binance exchange boosts TUSD after BUSD switch
The move comes after Binance switched its zero-fee Bitcoin trading pair from Binance USD (BUSD) to TUSD. This came the Securities and Exchange Commission (SEC) sent a Wells Notice to Paxos, barring it from issuing BUSD stablecoin. The action caused a massive decline in the BUSD market cap as holders sprinted to redeem their BUSD.
The growth and popularity witnessed in the TUSD stablecoin comes in the wake of Binance transitioning from BUSD. With the latest move, the giant exchange has underscored its support for TrueUSD, making it the latest pair for the biggest meme coin, DOGE. Notably, Dogecoin price has benefitted from this development, rising almost 1% in the last 24 hours.
As a bonus, Binance has also offered zero maker fees for the TUSD/DOGE trading pair, enabling “Binance Spot Grid for the meme coin within 48 hours after trading commences.”
Further, the leading exchange also revealed two additional trading pairs- WBTC/USDT and USDT/ARS.
How TUSD/DOGE trading pair could catalyze Dogecoin price
Binance exchange’s TUSD/DOGE trading pair and its associated bonus could be a bullish catalyst for Dogecoin price as it allows users to trade with zero maker fees. This will encourage the trading of Dogecoin on the giant exchange, which already accounts for more than 20% of the meme coin’s total trading volume.
Growth in trading volume following this listing could cause an uptick in Dogecoin price. A sustained bullish pressure momentum could ship Dogecoin price to the level above $0.1 coming out of the weekend or early May.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.