The United States is the source of positive news for Dogecoin, which has been declining for a while with a bleak market outlook. Futures has officially launched, according to San Francisco-based cryptocurrency exchange Kraken Dog.
One of the digital currencies with a doge motif, Dogecoin (DOGE), is expected to conclude this week in the green. DOGE, which gained momentum when Elon Musk bought a stake, managed to cross the $ 0.050 mark during the day.
Over the weekend, the bitcoin market remained in a state of turmoil. As the primary cryptocurrency Bitcoin failed to maintain the $ 18,000 mark yesterday, the slide in Altcoin projects accelerated. The meme token’s predecessor, the dogecoin, also fell below the $ 0.50 mark during this process.
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Dogecoin transaction is launched by Kraken
Altacoin is one of the most impacted by the market’s general fall. dogecoin Up until recent weeks, it has been trading over the $ 0.10 mark. However, the process that started with the collapse of the Terra ecosystem has caused dog-based cryptocurrency to lose more than 50% of its value.
The price of Dogecoin fell significantly as a result of the volume reduction. Supporters of Memotoken, however, got encouraging news from the US. Kraken, which has its headquarters in San Francisco and is one of the biggest and most reputable exchanges in the United States, announced the news on social media. Dogecoin futures trading has been officially launched.
The stock exchange has officially announced that futures pairs will start trading on June 20. The dog is listed concurrently in the Futures section on the Tran (TRX) and Phantom (FTM) markets.
Dogecoin is now traded on a number of important exchanges’ futures markets. Binance launched DOGE and USDT trading in July 2020. Other important US exchanges like Coinbase and FTX also provide comparable trading pairs for Mematocoin. Experts expect that Dogecoin transaction volume may increase with trading starting on the Kraken Exchange tomorrow.
Continued backing for Elon Musk
Despite a recent dramatic decrease, Dogecoin is still referred to as the Dogfather. Elon Musk still supports coins with canine themes. Overnight, Musk reaffirmed his support for Dogecoin by posting to his own social media account:
I will continue to support Dogecoin.Elon Musk
Since this writing, the dog’s price has risen significantly. Memetoken tested the $ 0.049 level overnight and achieved the $ 0.0587 level. At the time of writing, the well-known Altcoin project is trading at $ 0.0575.
The founder of well-known businesses like Tesla and SpaceX, Elon Musk, is most well-known for his obsession with the dogcoin cryptocurrency. Musk posted memories on his own social media account last year, which allowed DOGE to benefit from the significant increase. Dogecoin increased in value during this process, reaching $0.74.
Musk’s speculative stocks, however, performed quite well both during and after this time. This problem saw a big shift in the United States throughout the past week.
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