Cryptocurrency exchange Binance has added a SHIB/DOGE trading pair, allowing hodlers to trade between the two memecoins directly.
The exchange announced the pairing on November 1, with the pair set to go live at 8 AM UTC on November 2.
Previously, those wanting to swap DOGE for SHIB, or vice versa, would first need to transfer to USDT, BUSD.
Binance Adds Support For DOGE/SHIB Pairing
Binance’s new trading pair comes after SHIB and DOGE battle it out on the fringes of the top 10 cryptocurrencies. SHIB first overtook DOGE’s market cap last week, and remains some $4bn above the original memecoin.
When SHIB suffered from a dip last week, one explanation offered was that investors were trading their SHIB profits for DOGE - although this was delayed due to brief Coinbase issues. Alternatively, DOGE hodlers seeking a new memecoin to invest in may want to transfer their DOGE profits into SHIB.
Regardless of the direction, Binance’s new pairing should allow memecoin hodlers to transfer their coins seamlessly in just one transaction.
SHIB/USDT is currently the second-most traded pairing on Binance, with $2.50bn traded in the past 24 hours. Last week, it briefly overtook the BTC/USDT volume on the exchange. DOGE/USDT is the sixth-most traded pairing, with a volume of $1.11bn.
CZ, the CEO of Binance, retweeted the announcement, stating: “New intern on the listing team. Brilliant!”
The Binance trading pair has ignited further tensions between DOGE and SHIB hodlers, with members of the ShibArmy celebrating the listing as another positive signal for Shiba Inu.
We’ll be keeping a close eye on the trading volume of SHIB/DOGE when it goes live tomorrow.