Binance Listing Dogecoin: Will It Initiate an Altcoin Season?
The world’s leading cryptocurrency exchange, Binance, has just launched one of the most popular digital currencies – Dogecoin. As a result, the price of the memecoin, as many refer to it, has skyrocketed, gaining upwards of 30% on the day. However, this might also be a precursor to an altcoin season starting.
DOGE is Now On Binance
Dogecoin, a cryptocurrency created by Billy Markus and Adobe’s Jackson Palmer with the intention to be a fun alternative and reach a broader demographic compared to Bitcoin, has been listed on Binance. As Cryptopotato reported, Dogecoin was invented to end the madness of the gold rush-like way that cryptocurrencies were being pursued and mined back at the time.
Following the announcement, DOGE surged 30% in a day, further highlighting the so-called “Binance Effect.”
As an explanation to why Binance decided to list DOGE, Changpeng Zhao, outlined that it was an exception.
This one is an exception, as there isn’t much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous “ex-CEO” (cough @elonmusk) helps!
Enjoy! https://t.co/zMuYuLSvmF
— CZ Binance (@cz_binance) July 5, 2019
Naturally, many failed to agree and outlined that the DOGE network is actually more scalable than that of TRON and that there is just as much as development going on as in Litecoin. In any case, regardless of the reasons, people can now trade DOGE on the world’s leading cryptocurrency exchange.
A Precursor to an Altcoin Season?
The formation of a potential altcoin season is something that a lot of people have been talking about. With Bitcoin’s latest rallies, however, this seemed more and more unlikely, as the majority of cryptocurrencies struggled to catch up with the massive gains of BTC.
During the past 7 days, however, BTC has somewhat stalled. Its price actually declined by about 6 percent. For those who are hoping for an altcoin season, that’s definitely a good sign.
Moreover, historically, whenever DOGE has done well, it’s usually a sign that there’s an altcoin peaking. With Bitcoin currently moving sideways for about a week now and with Dogecoin marking substantial gains, could this mean that we are on the verge of the next altcoin season? We’ve yet to find that out. Of course, it’s also worth noting that DOGE’s pump could be solely tied to the listing on Binance, as this is a very prominent event which usually leads to a serious increase whenever a new coin is being added to the exchange.
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