On January 18, Binance Futures is set to introduce a DOGE Perpetual Contract, allowing trading with up to 75x leverage. This contract will be USDC-margined, offering users an opportunity to engage in leveraged trading with DOGE.
Binance Futures, Binance’s trading platform for derivatives, is expanding its services by introducing a USDC-margined DOGE Perpetual Contract on January 18, 2024, starting at 10:00 a.m. UTC. With this new feature, users can trade Dogecoin (DOGE) and take advantage of up to 75x leverage for their transactions.
Binance Expands Trading Options with DOGEUSDC Perpetual Contract
Binance Futures is set to introduce a USD-M DOGE Perpetual Contract settled in USDC, featuring a tick size of 0.00001. The capped funding rate of +0.3750%/-0.3750% will result in funding fee settlements every eight hours. This perpetual contract, named DOGEUSDC, will be available for trading 24/7 to cater to the continuous nature of the cryptocurrency market.
A noteworthy feature is the Multi-Assets Mode, allowing users to trade the DOGEUSDC Perpetual Contract across multiple margin assets. Traders can utilize various assets like Bitcoin (BTC) as margin for transactions, though fees may apply.
To encourage adoption, Binance Futures is offering a 10% promotional trading fee discount on all transactions related to USDC-margined futures contracts. This discount will be applicable until April 3, 2024, at 12:30 a.m. UTC.
While the introduction of the DOGEUSDC Perpetual Contract broadens trading choices, users should exercise caution. Binance retains the right to adjust contract specifications based on market risk conditions, impacting factors like funding fees, tick size, maximum leverage, initial margin, and maintenance margin requirements. Dogecoin traders are eagerly anticipating this new offering, recognizing potential opportunities in the market.
Dogecoin Faces Significant Declines Amid Bearish Turn
Dogecoin (DOGE), the renowned meme cryptocurrency, has experienced notable declines this week, currently hovering around the $0.080 mark. There are concerns that the crypto might dip below this level given the recent bearish trend. As of the latest update, the DOGE price saw a decrease of 0.46%, settling at $0.08058 on Wednesday, January 17.
The market cap of the meme coin stands at $11.49 billion, reflecting a 0.46% decline. In contrast, the trading volume has surged by 19.86% to reach $324.95 million. This shift in metrics suggests increased trading activity despite the overall dip in market value.
Notably, Dogecoin witnessed an upswing in the past week, coinciding with Elon Musk’s reaffirmation of support for DOGE. Musk publicly shared that he still holds a substantial share of the cryptocurrency, potentially influencing the positive market movement during that period.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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