For the most part, Dogecoin (DOGE) has been trading sideways with the rest of the crypto market. The SpaceX Starship launch provided some upside for the meme coin, but it quickly crashed as the rocket exploded in flames. However, a new listing that promises increased volume for the meme coin could be the light at the end of the tunnel for the digital asset.
Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Thursday that it would be launching a new trading pair for Dogecoin. The new TUSD/DOGE pair allowed users to trade the meme coin with Binance’s new favorite stablecoin.
Binance changed its zero-fee Bitcoin (BTC) trading pair from BUSD to True USD (TUSD) earlier this year after Paxos, the issuer of the BUSD stablecoin, received a Wells Notice from the US Securities and Exchange Commission (SEC). The firm was ordered to stop issuing the stablecoin, causing its market cap to plummet as holders rushed to redeem their holdings.
The stablecoin gained popularity after Binance switched from BUSD to TUSD. Binance has recently increased its support for TUSD by announcing a new pair for the most popular meme coin, which bodes well for Dogecoin. The exchange announced that the pair would be listed for trading on Friday, April 28. Binance is also offering zero maker fees for this trading pair and has stated that Binance Spot Grid will be enabled for the meme coin within 48 hours of trading beginning.
Binance also announced two new trading pairs in addition to the TUSD/DOGE pair. Among these are the WBTC/USDT and USDT/ARS trading pairs. The announcement of the new Binance trading pair is more encouraging for the meme coin. Allowing users to trade with no maker fees will encourage Dogecoin trading on the exchange, which already accounts for more than 20% of total DOGE trading volume.
As the volume of this listing increases, so will the price of the cryptocurrency. If the bullish momentum continues, Dogecoin could reach $0.1 by the end of the weekend. This would imply an increase of more than 20% for the digital asset as well.
DOGE, on the other hand, is already seeing some slight upside in the early hours of Friday. It is currently trading at $0.08025, up 0.72% on the 24-hour chart. DOGE, on the other hand, is still performing poorly on the weekly chart, having fallen 4.77%.