Binance adding XRP and Dogecoin (DOGE) to its smart arbitrage products has sparked speculation about price increases in the cryptocurrency market.
The world's largest cryptocurrency exchange Binance announced on Friday that it has added XRP and Dogecoin (DOGE) to its smart arbitrage products. The addition of XRP and DOGE to Binance Earn has sparked significant speculation about an impending price increase. The cryptocurrency exchange also announced a special event with a total reward pool of 45,000 USDT to celebrate the listing.
Binance lists XRP and Dogecoin on the smart arbitrage list
According to Binance's official announcement on November 8, the Binance Earn smart arbitrage product has added XRP and Dogecoin (DOGE). It is noteworthy that users can start using XRP and Dogecoin with a minimum investment of 12.5 USDT. So far, it only supports Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Smart arbitrage utilizes funding rate mechanisms, hedging futures positions with spot positions to collect funding fees. This strategy hedges price fluctuation risks by holding opposite positions in the futures and spot markets. Thus, profits from long positions will offset losses from short positions (and vice versa).
Additionally, Binance announced a special event with a total reward pool of 45,000 USDT to celebrate the launch of XRP and Dogecoin (DOGE). The event is valid until November 21 at 23:59 UTC.
The top cryptocurrency exchange claims that users can earn up to 20.95% annual interest during the promotional period. Additionally, the total reward pool of 30,000 USDT will be distributed on a first-come, first-served basis.
"According to Binance's regulations, all users who choose to participate in the promotion and hold any smart arbitrage portfolio for more than 72 hours during the promotional period will receive a 10% bonus APR on their first subscription of 1 - 2,500 USDT."
Additionally, all regular users and VIP 1-2 users who join the promotional smart arbitrage portfolio within 72 hours and hold at least 10,000 USDT will receive a 45% rebate on trading fees.
Ripple token and DOGE prices rise
After Donald Trump's victory, investors have been optimistic about XRP and DOGE, with these tokens witnessing upward momentum. The possibility of an XRP ETF launch is high, and Elon Musk's Department of Government Efficiency (DOGE) is the reason behind the positive sentiment.
XRP price is expected to rise 30 times, having increased 9% this week, and is currently trading at $0.55. The 24-hour low and high prices are $0.542 and $0.560, respectively. Furthermore, trading volume has decreased by 37% in the past 24 hours, indicating a decline in trader interest.
Meanwhile, the price of Dogecoin has risen by 3% in the past 24 hours and 25% this week. The current price is $0.19, with a 24-hour low and high of $0.186 and $0.199, respectively. Dogecoin is expected to reach $10 during this bull market.
