Price of Dogecoin (DOGE) To Reach $1 Following Binance Announcement

In an effort to boost Dogecoin trading volume, Binance created the DOGE/TUSD trading pair, which may cause the price of DOGE to rise above $1.

Binance, the biggest cryptocurrency exchange in the world, announced on Thursday that it had added the DOGE/TUSD trading pair in an effort to boost Dogecoin trading activity on the exchange. Dogecoin is presently available on Binance in the USDT and BUSD trading pairs.

Given that Binance dominates the market for Dogecoin trading, the decision by Binance is anticipated to trigger a quick rise that will drive the price of DOGE above $1. After Binance listed the DOGE/TUSD pair, traders didn’t immediately react.

Dogecoin TUSD Trading Pair is Now Available on Binance
On April 28, trading for the DOGE/TUSD trading pair will begin at 08:00 UTC, per an official announcement. Also, Binance has added WBTC/USDT and USDT/ARS.
The cryptocurrency exchange also says that within two days of the trading pairings’ introduction, it will enable the Binance Spot Grid for the DOGE/TUSD and WBTC/USDT trading pairs.

The TrueUSD team revealed on Twitter a new initiative by Binance to increase the market presence of the TUSD stablecoin. Binance has shifted to the unpopular TUSD after the BUSD crackdown by American officials. After discontinuing zero-fee Bitcoin trading for all other pairings last month, the exchange only allows zero-fee trading in the TUSD pair at this time.

Regarding trading volumes, Binance rules the crypto market. The trading volume for DOGE/USDT on Binance is 20% of the overall volume, which is four times the trading volume for DOGE/USDT on OKX and DOGE/BUSD on Binance. With 25% of trade activity on the DOGE/USDT pair, Binance controls the perpetual market.

The DOGE/TUSD is anticipated to increase Dogecoin’s overall trading volume. Liquidity and the price of DOGE will both rise as a result. The price of Dogecoin is expected to rise above $1. Traders should watch out for this development.