Binance earned the adoration of the crypto community Friday when it announced that it was listing Dogecoin, the community favorite that has been around since 2014 and has a place in the heart of every seasoned investor. The announcement was met with an outpouring of emotion within the community and an explosion of #altszn comments, suggesting that this was the match that would finally light the much vaunted phenomenon not seen since late 2017.
— Mr. Backwards ® (@Coin_Shark) July 5, 2019
$DOGE listed on Binance… Can you feel it ?
— Pierre (@pierre_crypt0) July 5, 2019
okay guys it’s time
Let me speak on behalf of whole crypto community
share this tweet for doge’s sake pic.twitter.com/AZcq0lNeLq
— Crypto₿irb CEO of $DOGE (@crypto_birb) June 30, 2019
CZ’s Celebratory Addition?
Binance CEO Changpeng Zhao is no stranger to commenting on the state of the market, meaning that the timing of this listing, which is one that many in the community have been calling for for some time, may be no accident. After Binance posted information of the listing he himself commented on it, giving an insight into the reasons behind the addition:
This one is an exception, as there isn’t much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous “ex-CEO” (cough @elonmusk) helps!
— CZ Binance (@cz_binance) July 5, 2019
Zhao didn’t mention the fact that only hours before the listing the Binance Twitter account reached one million followers, but there is every chance that this was a celebratory addition. Dogecoin was created in 2014 by Jackson Palmer and was intended as a joke coin, a play on the famous Shiba Inu meme, but it quickly found favor among early crypto investors, being one of the few original alt coins still around. At its peak in 2018 it reached $0.018, ten times higher than its previous high just after its launch in 2014.
Wen Alt Season?
DOGE itself pumped some 30% on the news, while its addition to Binance and its potential to usher in an alt season coincides with BTC failing to break down the $12,000 door and dropping back to under $11,000, which, everyone say it together…should give alts a chance to move. We’ve said this many times before in the past few months, but it seems like this combination of events could finally light the fuse, although whether ends up lighting the firework is another story.