The price of DODO, the governance token of the decentralized exchange (DEX) platform DODO, experienced a significant increase of over 33% after Binance, a leading cryptocurrency exchange, made an announcement about the DODO perpetual contract. The token’s price climbed to $0.13, reaching a two-month high.
This surge in price marks the first time DODO has traded at this level since early June. Prior to this, the token had been trading within the range of $0.09 to $0.10.
Trade DODO with Up to 20x Leverage
Binance revealed the launch of a DODO perpetual contract with up to 20x leverage. Starting from August 8th at 08:00 (UTC), users will be able to access this product. The DODO perpetual contract, traded under the ticker symbol DODOXUSDT, will provide support for multi-assets mode, enabling customers to trade DODOXUSDT across multiple margin assets, including Bitcoin (BTC) as margin.
The announcement from Binance resulted in a rapid surge in the price of DODO, exceeding 33% within an hour and reaching a two-month peak.
Although the DODO token offers more than just governance functionality to holders, such as crowdpooling, IDO allocations, and trading fee discounts, it remains more than 98% down from its all-time high of $8.38 in May 2021. Nevertheless, it has seen an increase of over 39% within the past seven days.
What is DODO?
DODO is the governance token for the DODO decentralized exchange (DEX) platform. It is used for voting on important decisions and protocol upgrades within the DODO ecosystem.
What is a DODO perpetual contract?
A DODO perpetual contract is a type of derivative contract offered by Binance. It allows traders to speculate on the price of DODO token without actually owning the underlying asset. Traders can leverage their positions by up to 20 times to amplify potential profits.
When does the DODO perpetual contract go live?
The DODO perpetual contract will go live on August 8th, 2023, at 08:00 (UTC).
What is the ticker symbol for the DODO perpetual contract?
The DODO perpetual contract will be traded under the ticker symbol DODOXUSDT.
What are the benefits of holding DODO tokens?
Some of the utility that DODO token holders enjoy include crowdpooling, receiving IDO allocations, and receiving trading fee discounts.
Is the increase in DODO token price sustainable?
It is difficult to predict the sustainability of the increase in DODO token price as it depends on various market factors and investor sentiment. Traders and investors should exercise caution and conduct thorough research before making any investment decisions.