Binance announced that Dogecoin has been added to weekly options, becoming the fifth cryptocurrency to join the list. Can the price of Dogecoin rebound to $0.1?
Binance, the world's largest cryptocurrency exchange, said on Wednesday it will launch weekly options on Dogecoin for Tether (USDT) pairs. The price of Dogecoin (DOGE), Elon Musk's favorite cryptocurrency, rose in response to Musk's lawyers filing a motion to dismiss the Dogecoin insider trading lawsuit and Binance's announcement of weekly options.
Binance Adds Dogecoin to Weekly Options
According to the official announcement on August 9, Binance will launch DOGEUSDT cyclical options. Users can start trading DOGEUSDT cyclical options at 08:00 UTC on August 10, and the options will be available every Thursday at 08:00 UTC.
The cryptocurrency exchange said that DOGEUSDT weekly options are European-style options contracts. Currently, Binance only offers options trading for Bitcoin (BTC), Ethereum (ETH), BNB, and XRP. Binance's expansion of Dogecoin support suggests that the price of Dogecoin is about to rise to $0.1.
DOGE price rises after announcement
DOGE price has increased by 3% in the past 24 hours and is currently trading at $0.075. The 24-hour low and high were $0.0733 and $0.0757 respectively. In addition, the trading volume has increased slightly by 8% in the past 24 hours, indicating the interest of traders.
The price action is mainly in an uptrend line, which suggests that DOGE price can rise. Meanwhile, Elon Musk’s earlier confirmation that X will never launch a crypto token has provided some upward momentum for DOGE price. Moreover, Elon Musk’s lawyers have filed a motion to dismiss the Dogecoin insider trading class action lawsuit.