In a significant move to expand its service offering, Binance, the world’s leading cryptocurrency exchange, has announced the launch of a new DOGE USDC perpetual contract with up to 75x maximum leverage on Binance Futures.
The implementation of this contract will take effect on January 18 at 10:00 (UTC).
This contract, called USDⓈ-M Perpetual Contract, will offer users the ability to trade Dogecoin (DOGE) using the USDC stablecoin as a settlement asset.
With a tick size of 0.00001 and a funding rate capped between +0.3750% and -0.3750%, this contract will allow users to trade 24/7.
A notable feature is support for Multi-Assets mode, which will allow users to use multiple cryptocurrencies, including Bitcoin (BTC), as margin when trading the DOGE – USDC perpetual contract.
This flexibility from Binance opens up opportunities for traders to diversify their trading strategies
As an additional incentive, Binance will offer users a 10% discount on trading fees for all trades placed on USDC-margined futures contracts until April 3, 2024, giving traders a promotional advantage during this period.
It is important to note that, depending on market conditions and perceived risk, Binance reserves the right to adjust contract specifications over time, including funding rate, tick size, maximum leverage, initial margin and maintenance margin requirements.
This underlines the need for users to be alert to possible changes in contract conditions.
This initiative follows a series of adjustments and additions that Binance has implemented since the beginning of 2024.
The inclusion of Monero (XMR) and Zcash (ZEC) in its watchlist, the introduction of new margin trading pairs, and the recent removal of certain spot trading pairs are examples of Binance’s strategic dynamics to adapt to the changing crypto landscape.
Although the news has raised expectations about potentially improved liquidity and credibility for Dogecoin, DOGE’s value has so far shown little to no volatility.
The current price of Dogecoin (DOGE) is $0.08037 US, showing a slight drop of 1.9%, according to official data from CoinGecko.
With this variation, Dogecoin maintains its position in the market capitalization ranking as the #11 largest cryptocurrency.
With these changes, Binance demonstrates its continued commitment to innovation and user satisfaction, providing traders with more options and tools to participate in the cryptocurrency markets more efficiently.