23 February, 2024

Binance Launches DOGE Perpetual Contract with 75x Leverage Boost

1 month ago

10 Feb, 2024

  • Binance boosts strategy with USDC-margined DOGE perpetual contract at 75x leverage, activating Multi-Assets Mode for varied crypto margins.
  • Traders rejoice as Binance unveils a time-limited 10% discount on fees for USDC-margined futures until April 3, 2024, accompanied by a market risk warning.
  • Binance unveils its 2024 playbook, expanding services with DOGE and reshuffling cryptocurrencies like Monero, Zcash, and others. 

In a strategic move to enhance its Binance Futures offerings, the leading cryptocurrency exchange, Binance, is set to introduce a USDC-margined DOGE perpetual contract with up to 75x leverage. In a recent blog post, Binance announced that starting January 18, this addition will activate the Multi-Assets Mode. The new perpetual contract would allow traders to utilize various cryptocurrencies, including Bitcoin (BTC), as margins.

Binance offers a limited-time 10% promotional fee discount on all trades conducted on USDC-margined futures contracts until April 3, 2024. However, the firm warned that it may adjust contract specifications based on market risk conditions, covering funding fees, tick size, maximum leverage, initial margin, and maintenance margin requirements.

This move is part of Binance’s broader strategy in 2024, as the exchange recently reassigned Monero (XMR), Zcash (ZEC), and other cryptocurrencies to its Monitoring Tag list for regular reviews. Furthermore, cross-margin and isolated margin pairs and adjustments to spot trading pairs have been implemented, showcasing the platform’s commitment to adaptability and innovation.

In contrast to its earlier glory days, DOGE has faced challenges recently, with its price stagnating over the past year. Despite being a pioneer in the meme coin space, Dogecoin has struggled to maintain positive momentum, witnessing a 23% decline from its December high of $0.107 to its current value of $0.082.

Source: TradingView

Technical indicators reveal a bearish trend for DOGE, as it languishes below its 50-day exponential moving average on the daily timeframe. According to CoinMarketCap data, DOGE has seen a 1.09% decline in the last 24 hours and a 2.12% increase over the previous week.

Once soaring to unprecedented heights in May 2021, DOGE is now nearly 90% below its all-time high, with little indication of staging a short-term comeback. The crypto community would be closely watching to see if Binance’s latest move can inject fresh vigor into the world of Dogecoin.