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Important Binance Update Affecting Dogecoin (DOGE) Traders: Details Inside
In a recent development, the world’s largest cryptocurrency exchange, Binance, has made an important update that will likely impact Dogecoin (DOGE) traders. According to the announcement, DOGE and other select assets have been added as collateral on Fixed Rate Loans and VIP Loans.
The incorporation of Dogecoin and other assets as collateral for loans has sparked a wave of excitement among traders. This move is expected to further boost trading options for the cryptocurrency, potentially leading to increased liquidity and activity in the market.
To put this into perspective, Binance’s Fixed Rate Loan program allows users to borrow or lend stablecoins at fixed interest rates, ensuring predictable costs and returns. The inclusion of Dogecoin as a collateral asset has opened up new opportunities for traders seeking high-yield investments.
On the other hand, Binance’s VIP Loan service offers over-collateralized loans tailored to meet the needs of institutional and large-scale clients. These flexible loan terms come with competitive rates and access to multiple assets, including DOGE.
DOGE, alongside Litecoin (LTC) and ChainGPT (CGPT), has seen minor gains in the last 24 hours, which may be attributed to the exchange’s support and a broader resurgence of the cryptocurrency market. The market has witnessed significant price movements lately, with Bitcoin exceeding $98K and Ripple tapping a seven-year high.
Meanwhile, Binance has also announced that it will be delisting several spot trading pairs and terminating their services on January 17th. Notably, some of these pairs include BNX/BTC, CATI/BNB, CATI/BRL, CHZ/FDUSD, DOGS/BNB, GTC/BTC, HIGH/BTC, LISTA/BRL, NOT/BRL, PIXEL/BTC, TKO/BTC, and TWT/BTC.
To avoid any potential losses, Binance has urged users to update their spot trading bots before the cessation of services on January 17th.
Source: cryptopotato.com
