The relationship between Dogecoin (DOGE) and Binance cryptocurrency exchange has raised a couple of debates in the past as the exchange is yet to list DOGE. The complicated bitter-sweet relationship is set to continue in the coming days as the Doge community continue hoping for a listing. However, a section of the community feel it is Binance fault that one of cryptocurrencies most followed coins lacking a pair to trade on its platform due to exorbitant fees. A Reddit user an established reference client developer, Micoll remarked,
“Essentially because Binance charges insane fees for listing, and while we could probably work around that, also has insane profits. They’re becoming the gatekeeper for cryptocurrency and that’s not something I want part of, and I believe the same goes for the other [developers].”
However, with the recent increase in interest in DOGE seen from the uptake in trading volumes and price, Binance will be reeling to add the coin to its ranks. DOGE has seen its price move up by over 120% in the last 3 months as a bullish rally on the coin ensued at the end of August. This has placed the coin as the highest gainer across all cryptocurrencies in the last 3 months. Furthermore, Dogecoin has seen the daily volumes traded since the start of September hit levels last seen in January during the mass crypto boom. With the current daily volume standing at $26 million USD worth of DOGE, Binance should consider a listing of the coin.
The feeling of assistance is however mutual as DOGE stands to gain a new market share in Binance after getting listed on a couple of large exchanges. It is however almost impossible to get a listing on the exchange as the handling of the DOGE project is totally decentralized hence no one is up to pay for the listing as it happens with other projects with solid founders, management team or core developers.
Binance listing DOGE on its upcoming decentralized exchange?
There rang a time when Binance exchange were pulling towards a decentralized exchange with Binance coins (BNB) to act as the platform’s currency. In cases such as the one with DOGE (heavy fees to list tokens on Binance exchange), will be eliminated by the decentralized exchange.
This doesn’t not make sense in profit as Binance heavily benefits from listing fees collected, approximately $500,000 USD, and may lose it as listing on decentralized exchanges (DEx) is technically free. However, with trading fees generating more amounts for Binance than these listing fees, DOGE would stand to benefit if Binance is to introduce the DEx for other coins to trade.
Nevertheless the debate on the impact of Binance cryptocurrency exchange listing DOGE will continue as some support the move to list as a huge factor to price growth and others feel the listing will not have a significant impact on the price of DOGE currently standing at $0.006204 USD.