Tomorrow, July 10th, the OKEx exchange will launch new services on Dogecoin (DOGE), specifically margin trading, savings and perpetual contract trading with margin on the DOGE/USDT pair.
The new trading options involving Dogecoin will be available from 3:00 AM UTC.
This seems to be a golden period for Dogecoin. In fact, the cryptocurrency is experiencing an intense moment of popularity due to the TikTok challenge: to invest $25 and make its value reach $1, in order to earn $10,000. Everything starts from a video that went viral, which has led the price of Doge to double from 2 to 4 thousandths of a dollar. But still a long way from the target of $1.
However, Dogecoin had gained its fame from the very first moments of its existence, choosing a meme as its logo, the dog Shiba Inu, and it soon became one of the cryptocurrencies used for tipping on social media.
Then came Elon Musk’s tweets to boost its popularity. Until recently, in the description of his twitter profile, Elon Musk described himself as “former CEO of Dogecoin”. Elon Musk obviously has never been an active part of DOGE but he contributed to the satire surrounding the story of this particular crypto.
From satire to investments: Dogecoin’s margin trading on OKEx
Perhaps in the wake of this particular moment in Dogecoin’s surge in volume, OKEx will offer its users a range of trading tools reserved for experienced investors.
OKEx CEO Jay Hao explained:
“As a leading exchange, we’re pleased to offer these new trading and savings features for Dogecoin to our users. At OKEx, we are always striving to provide the most diverse product offering by asking our users what they would like to see and responding to their requests. DOGE is a very popular coin with sophisticated marketing and market potential that many traders will enjoy speculating on and we believe that it will bring additional liquidity to the exchange. As with any trading decisions, however, we always encourage traders to trade with caution and carry out their own research”.
In fact, in the wake of the TikTok challenge, the volatility of Dogecoin has certainly increased, with the price experiencing a significant rise, albeit more contained these days.
Who knows whether the novelty introduced by OKEx will not allow Dogecoin to grow further.
To introduce the new features, OKEx will have to make an update that could lead the exchange to suspend some operations from 03:00 to 3:30 AM UTC on July 10th. Thereafter it will be possible to experiment with the new tools on the Dogecoin crypto.