Binance has announced the listing of Dogecoin, a cryptocurrency that was released in late 2013 and has ammassed a dedicated fanbase. On Binance, DOGE will be paired with BNB, BTC, USDT, PAX and USDC. The DOGE markets on Binance will open at 12 p.m. UTC today (July 5).

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Inspired by the popular Shiba Inu internet meme, Dogecoin is a proof-of-work cryptocurrency that uses a Scrypt-based algorithm. Unlike most other cryptocurrencies, there is no set cap on the total supply of DOGE. DOGE inflation decreases on a yearly basis, but will continue in perpetuity.

The Dogecoin community was known for its fundraising campaigns and previously sponsored NASCAR drivers and Olympic athletes. However, the enthusiasm for these sorts of campaigns seems to have cooled off in recent years – price speculation (and of course, memes) appears to be the main topic of discussion in forums such as r/dogecoin.

Despite its humorous origins, Dogecoin has made its way to a number of major cryptocurrency exchanges, which made its absence from Binance rather peculiar. For example, Bittrex, Kraken, Poloniex, Huobi and UPBit all list DOGE for trading. Since it is listed on many exchanges and has very low transaction fees, some traders like to use DOGE to transfer funds between different trading platforms.

Dogecoin, which is the 29th largest cryptocurrency by market cap, has seen a substantial price spike thanks to the Binance listing announcement. After settling around $0.0032, the coin shot up to $0.0042 in the space of about an hour.