Binance, a cryptocurrency exchange, has created a SHIB/DOGE trading pair, allowing hodlers to trade directly between the two memecoins.
The exchange announced the pairing on November 1, with the pair due to go live at 8 a.m. UTC on November 2.
Previously, users wishing to exchange DOGE for SHIB or vice versa had to first transfer to USDT or BUSD.
Binance Adds Support For DOGE/SHIB Pairing
Binance’s latest trading pair comes after SHIB and DOGE duke it out on the outside of the top ten cryptocurrencies. SHIB initially surpassed DOGE’s market value last week and is now worth $4 billion more than the original memecoin.
When SHIB fell last week, one rationale cited was that investors were exchanging their SHIB earnings for DOGE – however this was delayed owing to temporary Coinbase difficulties.
Alternatively, DOGE hodlers looking for a new memecoin to invest in may opt to convert their DOGE gains into SHIB.
Regardless of the outcome, Binance’s new pairing should allow memecoin holders to move their coins in a single transaction.
SHIB/USDT is presently the second-most traded combination on Binance, with $2.50 billion moved in the last 24 hours.
It temporarily surpassed the BTC/USDT volume on the market last week. DOGE/USDT is the sixth-most traded pair, with a total volume of $1.11 billion.
CZ, Binance’s CEO, retweeted the announcement, writing, “New intern on the listing team. Brilliant!”
