Binance Options, the options arm of the world’s largest cryptocurrency exchange, Binance, announced that it will launch Dogecoin weekly options in the Tether (USDT) pair, resulting in a price movement for the largest memecoin DOGE. The announcement was further supported by the request of Elon Musk’s lawyers to dismiss the lawsuit filed against Musk for alleged insider trading in Dogecoin.
Binance Adds Dogecoin to Weekly Options
Binance officially announced on August 9th that it will launch DOGEUSDT weekly options. Users of the cryptocurrency exchange will be able to trade in DOGEUSDT weekly options starting from August 10th at 11:00 AM (GMT). Every Thursday, a new BNBUSDT weekly option contract will be listed at 11:00 AM (GMT).
The major cryptocurrency exchange also added that DOGEUSDT weekly options are European-style option contracts.
Currently, Binance only offers options trading for Bitcoin (BTC), Ethereum (ETH), BNB (BNB), and XRP (XRP). The expansion of options trading to include Dogecoin indicates the possibility of a rally in DOGE’s price, potentially reaching $0.1.
DOGE Price Rises After Announcement
DOGE is currently trading at $0.075, with a 3% increase in the past 24 hours. The lowest and highest prices in the past 24 hours were $0.0733 and $0.0757, respectively. The slight increase of 8% in trading volume in the past 24 hours indicates investor interest in Dogecoin.
The fact that Dogecoin is mostly above the ascending trend line suggests that its price could rise further. Furthermore, Musk’s denial of token issuance for X, formerly known as Twitter, and the dismissal of the lawsuit filed against Musk for alleged insider trading in Dogecoin by his lawyers have further boosted the upward momentum of the memecoin’s price.
