Binance Adopts Dogecoin Because Why Not
Investors' tails are starting to wag.
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Whenever exchanges list a new digital asset, they typically go into detail justifying the decision and the potential value the coin could bring to their users.
But it seems that on this occasion, Changpeng Zhao (‘CZ’) decided to skip the introduction.
The founder and CEO of Binance announced earlier today that his exchange would list Dogecoin (DOGE). Users are already able to deposit Dogecoin to their exchange wallets, with trading scheduled to go live at 12:00 UTC.
CZ admitted that the decision wasn’t based on Dogecoin’s technological pedigree (sorry) but because its was a popular coin and he likes the community. Tweeting to his followers, the CEO said, “This one is an exception, as there isn’t much new tech development…The users/community is large, and a famous “ex-CEO” [Elon Musk] helps.”
This one is an exception, as there isn't much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous "ex-CEO" (cough @elonmusk) helps!
— CZ 🔶 Binance (@cz_binance) July 5, 2019
The announcement was met with a sudden surge in Dogecoin, taking it to the top of the tables as the rest of the market corrects. The DOGE price shot up by more than 30% following the announcement. At the time of writing, tokens traded at $0.004, giving it a market cap of more than $130M.
Dogecoin was originally intended by creator Jackson Palmer – an outspoken critic of increasing institutional interest in crypto – as a joke currency. Its name and image are derived from the popular ‘Doge’ meme, and Elon Musk has been humorously referred to as the project’s CEO after tweeting that it “might be my fav cryptocurrency.”
At the height of the 2017 ICO boom, Dogecoin’s market cap briefly exceeded $2bn. Even the popular dating app Tinder announced you could now use DOGE to pay for its premium services.
But despite its humorous intentions, the coin’s community has, on occasion, participated in various charitable and philanthropic ventures. It helped raise $50,000 to send the Jamaican bobsled team to the Sochi Winter Olympics in 2014 and has helped fund clean water initiatives in Kenya.