The giant cryptocurrency exchange Binance‘s futures arm, Binance Futures, made an important announcement for the largest memecoin Dogecoin (DOGE). Binance Futures announced the launch of USDC-margined DOGE futures.
USDC-Margined Futures for Dogecoin to Begin
Binance, the world’s largest cryptocurrency exchange by volume, announced the launch of USDC-margined Dogecoin futures on its futures platform Binance Futures to expand trading options and enhance the trading experience for users. Accordingly, DOGE futures margined with USDC will be launched with up to 75x leverage on January 18 at 13:00 TRT.
Moreover, Binance Futures users will be able to benefit from a 10% transaction fee discount on all transactions in USDC-margined futures contracts until April 3, 2024.
According to current data, DOGE is trading at $0.08083 with a limited increase of 0.40% in the last 24 hours. The data shows that the leading altcoin‘s price has risen by 2.11% in the last 7 days, but has fallen by 11.96% in the last 30 days.
Cryptocurrency Futures Trading
Cryptocurrency futures trading are derivative financial products that offer investors the opportunity to buy or sell a particular cryptocurrency at a predetermined price for a future date or indefinitely. These types of transactions are typically offered on cryptocurrency exchanges and other financial platforms and are used as a tool by investors who want to take advantage of price fluctuations in the cryptocurrency market.
In cryptocurrency futures trading, a contract is made between a buyer and a seller. This contract involves the purchase or sale of a particular cryptocurrency at a specific price on a specific date. Futures trading allows investors to hedge against potential gains or losses in cryptocurrency prices, speculate, or diversify their portfolios. Futures also help to increase liquidity and market depth on cryptocurrency exchanges, however, these transactions also involve high risk. The volatile nature of cryptocurrency prices increases the risk in futures trading.
The role of futures in the cryptocurrency market is to provide investors with the opportunity to benefit from price movements and manage their risks. However, these transactions can be complex and need to be managed carefully. Before entering the futures market, investors must carefully evaluate market conditions, their risk tolerance, and their strategies.
