Cryptocurrency derivatives exchange BitMEX has stated that it will be launching a perpetual swap contract for Dogecoin this month.
According to the official blog post, the new Dogecoin swap contract will enable DOGE to have 20 times leverage. It will also be denominated in USDT.
The Dogecoin Swap Contract
The Dogecoin swap contract has other features. One being that DOGE/USDT will add to BitMEX’s exchange rate of contract product. According to the report, the DOGEUSDT is currently available on BitMEX’s testnet. This will remian on the there till the time it will be launched on the major platform.
Doge Hits Gold
This latest Dogecoin swap contract update will serve as an addition to the existing spike in DOGE value.
The meme-coin reached a height of 1,300% last week. The rise came after an effort by the WallStreetBets subreddit.
The CEO of Tesla, Elon Musk tweeted just “DOGE”. Although he has recently shifted his attention towards Bitcoin, Dogecoin is still on the uptrend as a result of its Reddit fame.
Dogecoin Swap Contract Proves Altcoin’s Uptrend
The altcoin right now is trading at $0.04, DOGE is up 760% since the beginning of 2021. It momentarily stands at 10 in the main cryptocurrency ranking by market capitalization.
Since its initiation, and in light of the fact that this was its goal, the cryptocurrency sphere consistently considered Dogecoin as a meme.
In any case, with new turns of events and appropriation, Dogecoin swap contract and an absolutely new decentralized structure, DOGE might be getting genuine.
