Seemingly out of nowhere, Dogecoin became the most talked about cryptocurrency in the entire market. With Bitcoin trading at tens of thousands and Ethereum not far behind it at four digits per token, the low-priced DOGE became the perfect entry point for newcomers to the crypto space, driven by the idea that together, investors could pump the price per DOGE to $1 each.
The trend captured the imagination of all of finance, from Wall Street to the mainstream, and it also caught the attention of the award-winning PrimeXBT who has now announced it has listed the meme coin, alongside six other crypto assets.
PrimeXBT Goes To The Moon With Dogecoin, Solana, Cardano, And More
Dogecoin started off 2021 at under a penny per coin, and rose more than 15,000% to around 75 cents at the current all-time high. The surge was driven in large part by Robinhood traders who bought up share after share of the altcoin, which has since struggled.
The meteoric rise to “the moon” has made Dogecoin a cultural phenomenon, and brought it to the attention of the award-winning margin trading platform PrimeXBT, which has a penchant for quality, performance, and constant innovation.
Dogecoin is one of seven total altcoin assets that have been listed to trade using long and short positions — the very same tools the platform’s users utilize to trade forex, commodities, stock indices, and other top crypto assets. Margin accounts can be funded with BTC, ETH, USDT, and USDC to access up to 1:20 leverage on the newly added altcoins. The list of altcoins includes Cardano, Solana, Chainlink, Polkadot, XRP, Uniswap, and Dogecoin.
Covesting strategy managers can also tap into the same trading pairs, only with up to 1:10 leverage. Followers and strategy managers alike will benefit from these newest opportunities for profits. We won’t be surprised to see new records set in total profits in the Covesting leaderboards with such volatile assets added.
Factors Fueling Dogecoin’s Mission To One Dollar
There is no doubt Dogecoin can be profitable. But can it reach a dollar? The crypto community wants to see it through to fruition, and they have the support from the self-proclaimed “Dogefather” Elon Musk. The eccentric and outspoken Tesla CEO is an avid DOGE supporter, mentioning it during his appearance on the primetime TV show Saturday Night Live.
Dogecoin is also much greener than Bitcoin, which made the altcoin especially attractive to the electric vehicle automaker. It is also a social media sensation on platforms like Tik Tok, and sparked the creation of several similar meme tokens.
The coin born from a joke on Reddit and a meme based on the hilarious Shiba Inu pup, is suddenly being taken a lot more seriously. Only time will tell if this bandwagon trend will end, or if the asset deserves a place alongside other top cryptocurrencies or the traditional assets listed on PrimeXBT.
Listing Is Only The Latest PrimeXBT Innovation, But Not The Last
At only 25 cents, reaching the target of $1 and fulfilling that prophecy could be an easy 4x trade. If the coin drops further, traders can now go short on DOGE and six other altcoins using PrimeXBT advanced trading tools. PrimeXBT’s growing set of competitive advantages include the ability to access both traditional and crypto markets from a single account, personalized service with dedicated account managers, the highest level of asset protection, 24/7 live customer support, and as much as 99.9% uptime for reliable performance.
The platform continuously provides an abundance of innovation and more is always on the way. With the new assets now listed, PrimeXBT says it aims to release the much anticipated Covesting Yield Account module within the next “several weeks.”
The tool, like everything else the two partners build together, will focus on profitability and simplicity. With only a few clicks and without leaving the PrimeXBT dashboard, users will be able to stake idle crypto assets for up to a 35% APY.
Keep watch on the official company blog for more information on Covesting Yield Accounts, or to read more details on the trading pairs listed in this most recent update.