The knock was loud, the breaking of the door, louder. The bulls of the bitcoin market broke into a joke shop, which was lying deserted for the last three months, with $156 million worth of digital money.
In other news, the price of Dogecoin (DOGE) experienced a double-digit percentage gain on Friday to reclaim a nine-month high. The meme cryptocurrency established an intraday high of $0.00499, up more than 60 percent from the market open today. The move upside pushed the Dogecoin market capitalization from $382.74 million to as high as $537.42 million. At its highest, the cap was $1.67 billion.
The Dogecoin pairs across the cryptocurrency exchanges reported a 24-hour adjusted volume of $143.343 million, data on Messari.io showed. On a “Real 10” scale, a metric that removes fake trading volume, the DOGE-enabled instruments noted a mere $36.724 million worth of trading activity in the previous 24 hours.
Binance Integration, Bitcoin Intraday Weakness
Dogecoin just spiked over a third of its value within hours of a listing on Binance. | Source: Shutterstock
d today that it would open trading for five DOGE pairs on its platform, marking the cryptocurrency’s first foray into the global cryptocurrency platform.
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“Users can now start depositing DOGE in preparation for trading,” Binance stated.
The listing appears to have worked wonderfully for a cryptocurrency, which, in the past three months, was away from the limelight as bitcoin mousetrapped a more substantial portion of the crypto market. That showed in the intraday performance of DOGE/BTC. The pair appreciated by as much as 56 percent on Friday — right after the Binance made the listing announcement — to close above the May 19 high of 44 sats.
As of 14:10 UTC, the Dogecoin-to-bitcoin exchange rate was 35 sats. Earlier in London morning, the pair underwent a significant downside correction from the local top of 44 sats, which hinted traders (or bulls) exiting the market (or joke shop) for a long-term bullish bitcoin. The market cap simultaneously followed with a drop to $467.28 million.
On a technical front, the Dogecoin just came down upon testing the upper trendline of what appears like a Falling Wedge (it is a bullish pattern). Most likely, the joke coin would retest the trendline again while hoping for a breakout towards the next resistance, which is near the 48 sats level.
Meanwhile, such bulls, much wow, anyway.