MegaDoge (MDOGE) is a cryptocurrency reported on Bitfinex with a 1 million DOGE to 1MDOGE exchange rate.
Dogecoin (DOGE) is a cryptocurrency that was created in December 2013 when Litecoin was forked. Its logo depicts a Shiba Inu and is focused on the iconic Internet meme “Doge.”
Exchanges are racing to leverage on the fever, opening both spot and futures markets in an attempt to extract more investment from eager buyers. Dogecoin (DOGE) has risen another 18 percent in the last 24 hours. (Updated at 13:04 UTC: bold updates)
Bitfinex dogeusd at https://www.webull.com/quote/ccc-dogeusd and Binance are the latest exchanges to confirm their participation in the race, stating that they will launch new spot and futures trading pairs, respectively. OKEx, another big player, has announced that it would provide DOGE trading options,
Bitfinex, on the other hand, is listing MegaDogecoin (MDOGE), a variant of the coin in which 1 MDOGE represents half a million DOGE (USD 4,651). Meanwhile, Binance also announced that the coin would be available as a permanent futures contract for up to 50x leverage.
On all three exchanges, trading in the new pairs could begin this Friday. “Features including market quotation, order positioning, order cancellations, order modifications, margin extension, and transition may be suspended from 03:00 to 03:30 am (UTC) on July 10,” OKEx warned swap traders.
Following the announcements, some members of the group took to Twitter to address them, with some condemning the exchanges for giving novice traders too strong control on an extremely unpredictable coin.
Meanwhile, the CEO of crypto derivatives exchange FTX, Sam Bankman-Fried, announced that the DOGE futures contract currently has the fifth-highest 24-hour trading rate on his exchange, ahead of coins with far larger market capitalizations like XRP and EOS.
For the time being, it seems that early players in the pump have profited, with the coin trading up to more than 100% in the last seven days.
According to Bloomberg, Justin Litchfield, Chief Executive Officer of ProChain Capital, a crypto hedge fund, there are two developments at work:
- The crowds of people cooped up at home who have been accumulating stocks on apps like Robinhood and might now be dabbling in cryptocurrency.
- The other is the daily occurrence of DOGE investors banding together to “pump and dump for fun.”
The dogecoin craze began on the famous video-sharing platform TikTok, where a slew of videos urged users to invest USD 25 in the cryptocurrency to push its price to USD 1.
The DOGE, which is rated 27th by market capitalization, was trading at USD 0.004651 at press time on Thursday (12:05 PM UTC). The dogecoin tag had 8.4 million impressions on TikTok, with new videos utilizing the hashtag continuing to surface. There are many other good stocks like nyse vz which you can check at https://www.webull.com/quote/nyse-vz.
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