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The most popular and biggest meme cryptocurrency, Dogecoin (DOGE), has had a homecoming of sorts with a new listing on the world's largest crypto exchange, Binance. It is all about pegging DOGE to the Japanese yen, and more importantly, on a global platform rather than the Japanese wing of the black-and-yellow crypto giant.
The listing of Dogecoin to JPY on Binance was announced yesterday, but trading only went live today. From the start of trading, the price of DOGE in yen jumped more than 13%, as the chart shows.
However, it quickly stabilized to prices that are in line with all other pairs where such a trade is possible. Based on data from Japanese crypto exchanges such as Bitbank, the pump incident only took place on Binance.
As of now, DOGE to JPY on the new platform is still traded with a premium, but already much lower, where the spread with the same Bitbank does not exceed 0.1 JPY per Dogecoin.
DOGE and Kabosu story
Recall that Dogecoin, or DOGE, originated from a meme featuring a Shiba Inu dog named Kabosu that was rescued from an animal shelter in Japan in 2008. In this context, the new listing on Binance for DOGE is extremely significant and deserves special attention.
The event itself is somewhat of a sequel to the events of March this year, when the exchange for the first time allowed trading on its global platform for Bitcoin, BNB and Ethereum - Binance's main assets - to be paired against the Japanese yen. At the same time, it also announced zero fees for spot trading in pairs with this currency.