eToro finally makes Dogecoin available for trading.
Dogecoin has reacted to the news with a new all-time high.
eToro, a multi brokerage trading platform has finally announced the listing of a meme-based digital asset, Dogecoin after years of campaign by the Doge community. In the release, the platform cited strong investors’ demand as the main reason for the decision.
Dogecoin has in the recent market boom moved significantly to win the trust of many investors, making it difficult for trading platforms to ignore it. This year alone, the asset has risen by over 6,500 percent.
From now, the Dogecoin enthusiasts may have two options to buy the asset. They can either purchase the coin and directly trade them on the platform or they can buy derivatives and trade them based on the underlying price.
eToro further announced that no hidden fee applies when trading DOGE. However, spreads are applied. The percentage is imposed when positions are opened for DOGE and are adjusted when the positions are closed. Though traders can withdraw Doge from their accounts after closing all their trading positions, it is currently impossible to transfer the asset from the eToro platform to the eToro money wallet.
This listing will expose the digital asset to about 20 million people on the eToro platform. Today, investors’ confidence is up, causing the price to set a new all-time high of $0.67 to break the previous $0.47 record. The market cap has hit a new high of $71 billion to drag the coin to the 4th largest crypto on the log ahead of XRP, Tether, and Cardano.
Dogecoin is an old cryptocurrency that came about as a joke in 2013. In 2019, the OKEx exchange listed the asset and stated that there is a huge retail demand for it. Binance followed suit and listed the asset as well.
Huobi exchange claimed that they feel the passion of their blockchain and cryptocurrency users towards Dogecoin. Du Jun, the co-founder of Huobi said that the project behind DOGE has no technological breakthrough, and the top ten Dogecoin address has 41.35 percent of the entire circulating supply of the asset. This means Dogecoin trading is very risky as a small number of holders can influence the price.
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