OKEx Adds Dogecoin Margin Trading and Savings Accounts Amid Viral Pump

Popular cryptocurrency exchange OKEx has announced it’s adding Dogecoin (DOGE) margin trading and savings accounts, as well ads a DOGE/USDT-margined perpetual swap trading pair.

According to the cryptocurrency exchange’s announcement, DOGEª/USDT trading pairs will be available for spot margin trading, and tiered margin trading benefits will apply to it. The cryptocurrency, launched in 2013 as a meme, has been going through a viral pump thanks to a TikTok video.

As CryptoGlobe reported, TikTok user James Galante asked other members of the social media platform to invest $25 into Dogecoin, which would give them 10,640 DOGE on Robinhood at the time the video was created. The goal was to help the cryptocurrency’s price reach $1, giving them a return of over 42,000%

This TikTok video appears to be behind a #Dogecoin pump. $DOGE is up over 21% in the last 24 hourshttps://t.co/bzl0GzErMV

— Francisco Memoria (@FranciscoMemor) July 7, 2020

Despite being launched as a meme currency with the popular Japanese dog breed Shiba Inu as its mascot, Dogecoin has a dedicated community behind it that, in 2014, raised $25,000 to help the Jamaican bobsleigh team attend the Winter Olympics in Sochi, and later on raised $55,000 to support NASCAR driver Josh Wise, among other things.

Since the viral TikTok video was published the price of DOGE moved from $0.0022 to a high of $0.0047, before dropping back to $0.0037 after the hype surrounding it started dying down. Nevertheless, CryptoCompare data shows DOGE is still up over 44% in the last 30-day period. Its volume went up by 683%.

Source: CryptoCompare

OKEx’s announcement details Dogecoin has also caught the attention of some of the most influential people in the world, including Tesla and SpaceX CEO, who tweeted about DOGE in April of last year and helped the cryptocurrency’s price soar because of it.

Commenting on the listing Jay Hao, OKEx’s CEO, said that the exchange is pleased to offer its users new trading and savings featured for Dogecoin, and added:

DOGE is a very popular coin with sophisticated marketing and market potential that many traders will enjoy speculating on and we believe that it will bring additional liquidity to the exchange. As with any trading decisions, however, we always encourage traders to trade with caution and carry out their own research.

Featured image via Pixabay.