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HomeMarket AnalysisDODO price spikes 33% after Binance makes major announcement

DODO price spikes 33% after Binance makes major announcement

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crypto
  • DODO price jumped 33% after Binance announced the DODO perpetual contract.
  • Users will access the product with up to 20x starting August 8 at 08:00 (UTC).

DODO, the governance token of the decentralized exchange (DEX) platform of the same name, spiked by more than 33% on Monday morning. Within hours of an announcement from leading crypto exchange Binance, the price of DODO rose to $0.13, quickly jumping to a two-month high.

The last time DODO traded at that level was in early June this year. Before today’s upside, the token had traded in a range between $0.09 and $0.10.

Trade DODO with up to 20x leverage

Binance earlier today announced a DODO perpetual contract with up to 20x leverage, notifying customers that the product will go live on August 8, 2023 at 08:00 (UTC). The DODO perpetual contract will trade under the ticker symbol DODOXUSDT.

According to Binance, the product supports multi-assets mode, which means customers can trade DODOXUSDT across multiple margin assets. It means when one activates the multi-assets mode, they can use Bitcoin (BTC) as margin.

DODO token price rose quickly after the Binance announcement, spiking more than 33% within an hour to top its two-month peak.

The DODO tokens, which offer much more than governance functionality to holders, is more than 39% up on the seven-day log. However, it remains more than 98% down on its all-time high of $8.38 reached in May 2021.

Some of the utility DODO holders enjoy include crowdpooling, receiving IDO allocations and trading fee discounts.



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