The rise of DOGE coin as a leading social phenomenon has prompted Phemex to launch a DOGE/USD futures contract, giving its clientele a chance to engage in this growing market. trade the pair with up to 20x leverage . Alongside unveiling the DOGE/USD futures, Phemex realized the tremendous rise in DOGE's popularity.
On March 1, 2020, Phemex The trading platform introduced its new DOGE/USD contract and incentivized new participants with complimentary DOGE tokens to embark on their trading journey. Over 15 days, Phemex aimed to distribute 1 million DOGE.
Phemex Learned the Power of DOGE
Soon, it became apparent how revered the DOGE token was becoming. Anticipating about 5,000 new sign-ups during the 15-day promotion, Phemex prepared for a wave of new users.
As the promotion took off, the numbers soared past 24,000 new traders in just a single day, leading to considerations of enlarging the initiative's scope and potentially wrapping it up earlier than scheduled.
Phemex opted to close the promotion on the 8th of March , only a week post-launch. The platform considerably boosted its giveaway to 4 million DOGE tokens, aggregating detailed information on all the new participants and the token allocation. can be found here.
More Ways to Trade
Beyond the DOGE/USD contract pair, Phemex opted to further diversify by launching a DOGE/USDT spot trading pair. Starting March 13, both these trading alternatives rapidly gained traction, widely embraced by traders diving into the DOGE market successfully over a few weeks.
Unquestionably, DOGE is emerging as a formidable player within crypto arenas. Despite its newfound acclaim, questions linger regarding how a token, once considered a joke, is evolving into a respected means for trading and investing.
Musk Boosts the DOGE Image
Elon Musk, the unconventional mastermind behind Tesla Inc., has profoundly influenced DOGE's meteoric ascent to its current stature. His series of tweets about DOGE, commencing last year, have turned out to be exceptionally beneficial for the token.
When Musk initiated his DOGE endorsements at the end of 2020, it was valued at approximately $0.0002. Fast forward to today, where DOGE has surged to $0.05, and has even seen trades above $0.08 within the past year, according to Coin Gecko.
Some curious inquiries persist on why Musk championed DOGE, considering it lacks groundbreaking technical features. Regardless, the token has been in existence since 2015, with its creators having minimal sway over its pricing.
Exploding Interest in Tokens
Indeed, DOGE's rising interest coincides with a broader shift of cryptocurrencies entering the mainstream limelight.
Those who once overlooked Bitcoin are now eager to acquire it at near peak valuations, convincing those who dismissed 2017 as \"just another bubble\" to reconsider.
DOGE consistently secures a spot among the top-tier tokens, and given its widespread allure, it stands a good chance of remaining a favored choice among investors and traders alike.
Phemex introduced two types of contracts enabling DOGE trading while also distributing more than 4 million DOGE to newcomers on its platform. For further insights into what Phemex has in store; just click here.
Monitor Phemex's unique promotions, as demonstrated by the DOGE giveaway. The exchange enjoys rewarding its users and promises to unveil more enticing offers for both new and loyal customers moving forward.
