As reports have it, Dogecoin (DOGE), a cryptocurrency created out of meme, has gained more traction with support from three exchanges within 24 hours.
The reason why these exchanges decided to add support for Dogecoin (DOGE) at a time when its developers have not made a major announcement regarding the digital currency cannot be ascertained at press time.
Some are speculating that the exchanges are attempting to take advantage of new and growing cryptocurrencies in the current Bitcoin rally and the price drops that are liable to follow.
Also, there is a possibility that the support of the CEO of Tesla and SpaceX, Elon Musk, who is currently the richest man in the world, has been fueling the support of the three exchanges and others.
It is also conceivable that these exchanges listed the coin for reasons of competition. In fact, a similar group listing occurred last year: in July, Binance launched Dogecoin futures, while OKEx and Bitfinex added Dogecoin spot trading, all within a day of each other.
Dogecoin (DOGE)’s Reaction to the Listing
Today’s listings have somewhat impacted the price of DOGE, which gained about 6% in the past 24 hours. The news is also useful as a case study in the tendency of exchanges to act in unison, which makes it a good signal for cryptocurrency.
Dogecoin is currently the 35th largest cryptocurrency, with a market cap of approximately $1.1 billion. At the time of writing, DOGE is trading at $0.008607.