On July 26, Binance announced that it would be launching 1-20x futures for the DODO and YGG tokens. This announcement caused a rapid price surge for both tokens. Within just one hour, the DODO token pumped by over 30%, while the YGG token witnessed a similar rapid increase.
The market maker DWF is suspected to be involved in the price surges. DWF is a market maker known for its aggressive approach to trading. It is possible that DWF bought large amounts of DODO and YGG tokens in anticipation of the Binance announcement. This would have caused the prices of both tokens to rise.
The rapid price surges for DODO and YGG tokens demonstrate the potential impact of major exchange announcements on cryptocurrency prices and trading behavior. When a major exchange announces that it will be listing a new token or offering new trading products, it can cause a significant increase in demand for that token. This can lead to a rapid price surge.
It is important to note that the price of a cryptocurrency can be affected by a variety of factors, including market sentiment, news events, and technical analysis. The Binance announcement was just one factor that contributed to the rapid price surges for DODO and YGG tokens.