The largest cryptocurrency exchange in the world by volume, Binance, has added a new trading pair for Dogecoin (DOGE) with stablecoin TrueUSD (TUSD), according to a report by Daily Hodl. TUSD is the fifth-largest stablecoin by market cap and aims to maintain a 1:1 peg to the US dollar. DOGE is currently trading at $0.0806 and is up nearly 15% since the start of 2023. However, the crypto asset remains almost 89% down from its all-time high of $0.731, which it hit in May 2021.
Dogecoin is the ninth-ranked crypto asset by market cap and has been consolidating lately. While it is up 0.25% in the past 24 hours, it has gone up 2.7% in the past seven days and over 7% in the last month. Approximately 54% of Dogecoin investors are currently making money on their investments at the asset’s present price, compared to 41% who are underwater, according to the crypto analytics firm IntoTheBlock.
Earlier this week, Billy Markus, the founder of Dogecoin, issued a warning against trading memecoin and non-fungible tokens (NFTs). Markus, known on Twitter as Shibetoshi Nakamoto, also said that Dogecoin was started as a joke to poke fun at the emerging crypto scene. He added that the scene has become even more foolish over time as people are playing poker against each other and trying to sell their bags to others.
While Markus’s warning has been noted, Dogecoin has proven to be a resilient crypto asset, maintaining a strong following despite its creators’ original intentions. Its success is partly attributed to the backing of tech billionaire Elon Musk, who has tweeted about the coin on several occasions, sending its value skyrocketing.
In addition, a growing number of merchants and firms have started accepting Dogecoin as payment for goods and services. These include the Dallas Mavericks, a professional basketball team, and online retail giant Newegg, among others. Recently, Pornhub, the popular pornographic website, said that it would start accepting DOGE as payment for its premium services.
The Dogecoin community is also becoming more active in philanthropy, with many initiatives designed to help charitable causes. For instance, the Dogecoin Foundation has recently partnered with water charity charity: water to help develop clean water and sanitation projects worldwide.
While Dogecoin may defy its creators’ and critics’ initial skepticism, investors should remain cautious when investing in the crypto space as market fluctuations may cause significant losses. Therefore, it is essential to do thorough research and consider consulting with financial experts before making any high-risk investments in cryptocurrencies or digital assets.
In conclusion, the addition of TUSD as a trading pair for DOGE by Binance indicates that Dogecoin is still an attractive crypto asset for investors despite its origins as a joke. However, investors should proceed with caution and keep a close eye on market developments to avoid significant losses.
