Crypto exchange giants, Binance and Bitfinex, have added support for popular altcoin Dogecoin as the cryptocurrency continues to maintain impressive performance in the market.
In recent time, Dogecoin has been one of the best performing coins in the crypto space and was trending worldwide on Twitter yesterday.
The growing interest in the coin has spiked the attention of Binance and Bitfinex who have added further support for the coin on their trading platforms.
Binance announced on Twitter that it would be launching a new DOGE/USDT perpetual contract on its trading platform and users would be able to trade up to 50x leverage.
In a blog post, the leading cryptocurrency exchange highlighted that the new trading contract would be available for traders on the 10th of July.
Meanwhile, Bitfinex took a different approach as it revealed that it would list Doge on its platform under the name MDOGE.
According to Bitfinex, MDOGE will have a conversion rate of 1 million equivalent to 1 MDOGE = 1000000 Dogecoin.
Dogecoin Recent Rise Attributed to TikTok
It has been widely speculated that the recent rise in the value of Doge is due to the increasing promotion of the coin on TikTok.
TikTok is regarded as one of the fastest-growing social media platforms where users post short videos.
The last three days have seen the heavy promotion of Dogecoin on social media, with some of the videos hitting above 200,000 likes. While other popular ones have amassed several millions of views and likes.
In addition, there has been a swell in the number of search requests for ‘’how to buy dogecoin’’ in the past few days. The present level of engagement seen has not been experienced since the early days of dogecoin, suggesting that there could be massive adoption in the reckoning.
According to Messari, trading volume for Dogecoin has spiked within this period by over 1000% and this is obvious in its price hitting 0.0050 in recent days.
As at the time of publication, Dogecoin is currently trading at $0.004610 and has experienced a market gain of 16% in the last 24 hours.
The listing on Binance and Bitfinex is a welcome development for the altcoin which has a loyal community base.