DOGE coin is becoming a popular social trend, and Phemex has rolled out a new DOGE/USD futures contract that allows its clients to trade the pair with up to 20x leverage. In addition to introducing the new DOGE/USD contract, Phemex also just found out how popular DOGE is becoming.
On March 1, 2020, Phemex listed its new DOGE/USD contract and offered new traders a reward of free DOGE to start trading on its platform. Phemex was preparing to give away 1 million in DOGE, over the course of 15 days.
Phemex Learned the Power of DOGE
Phemex soon found out how popular the DOGE token is becoming. In terms of the contract listing and promotion, the exchange expected around 5,000 new users to sign up for its services over the course of the 15-day promotion.
The day after the DOGE promotion began – Phemex had more than 24,000 new users, and it decided that the best way to deal with the popularity of DOGE was to expand the programs’ size and consider closing it early.
Phemex opted to close the promotion on the 8th of March, just a week after it went live. The exchange expanded its giveaway to 4 million DOGE tokens, and the details of all the new users, as well as the token distribution, can be found here.
More Ways to Trade
In addition to the new DOGE/USD contract pair, Phemex decided to also offer its clients a DOGE/USDT spot pair. The alternative went live on March 13, and both options have become a very popular way to trade the DOGE market over the span of a few weeks.
There is no denying that DOGE is becoming a force in the crypto markets, and despite its popularity, there are still a few questions that surround how the token that was seen as a joke for so many years is becoming a serious way for people to trade and invest.
Musk Boosts the DOGE Image
Elon Musk, the iconoclastic CEO of Tesla Inc., has been a big part of taking DOGE to the position it occupies today. The billionaire began Tweeting about DOGE last year, and the attention he has paid to DOGE has been overwhelmingly positive for the token.
When Musk began his DOGE coverage in late 2020, the token was trading at around $0.0002. Today, DOGE has risen to $0.05, and over the past year, the token has sold above the $0.08 level, according to Coin Gecko.
Some questions still remain as to why Musk began supporting DOGE, as it isn’t an especially innovative token from a technical perspective. On the other hand, the token has been around since 2015, and the creators of DOGE have little to no influence over the price.
Exploding Interest in Tokens
Of course, the interest in DOGE is coming at a time when cryptocurrency, in general, is becoming a far more mainstream interest.
People who probably never thought about buying into Bitcoin are lining up to buy it at near-record prices, and anyone who thought that 2017 was “just another bubble” has officially been shown otherwise.
DOGE has been able to maintain a position in the top 20 tokens, and given its widespread appeal, it is fair to speculate that it will remain a popular crypto asset for both investors and traders going forward.
Phemex delivered two contracts that allow its clients to trade DOGE, but it also gave away more than 4 million DOGE tokens to people who are getting started with the exchange. If you want to learn more about what Phemex offers its clients, just click here.
Keep an eye on the special offers that Phemex creates, as the DOGE giveaway shows, the exchange likes to reward its clients, and will likely have more offers for both new and existing clients in the future.