Binance Enables New Spot Trading Pairs and Trading Bot Services for DOGE, MATIC, AAVE, and NEAR

Binance, the world's leading cryptocurrency exchange, has announced the launch of new spot trading pairs and trading bot services for Dogecoin (DOGE)

Binance, the leading cryptocurrency exchange, has announced the launch of new spot trading pairs and trading bot services for Dogecoin (DOGE), Polygon (MATIC), AAVE, and NEAR on August 22. This move will enable users to trade in more diverse offerings and employ advanced trading applications.

In an official statement, Binance unveiled additional spot trading pairs such as AAVE/FDUSD, DOGE/JPY, MATIC/JPY, NEAR/JPY, and TON/USDC, which will be open for trading from the 22nd of August. These pairs involve JPY (Japanese Yen) and EUR (Euro) fiat currencies in an apparent attempt to expand Binance's target market in different global trading zones.

This comes amid efforts that Binance has been undertaking to enhance the variety of trading pairs available to users. By listing these pairs, traders interested in trading these fiat currencies are expected to join Binance, hence enhancing the circulation of the specific cryptocurrencies in the market.

Moreover, the exchange will be introducing trading bot services for multiple cryptocurrencies on the same day. The services will include the Spot Grid and Spot DCA (Dollar-Cost Averaging) and pairs such as BANANA/USDT, BTC/EUR, BTC/TRY, LISTA/USDT, TAO/USDT, and TON/USDT. These two automatic trading systems are meant to assist users in developing their trading strategies by automatically placing orders upon reaching the given criteria.

Furthermore, Binance will provide rebalancing bot services for BANANA/USDT, LISTA/USDT, TAO/USDT, and TON/USDT. These bots automatically adjust users’ portfolios to maintain a desired asset allocation, offering a hands-free approach to portfolio management.

Additionally, Binance will allow spot algo orders on the newly listed trading pairs (AAVE/FDUSD, DOGE/JPY, MATIC/JPY, NEAR/JPY, TON/USDC) from August 22. These algorithmic trading options enable users to take further control of their trading strategy offering more possibilities to execute more trades automatically.

The affected cryptocurrencies showed mixed price actions following Binance's announcement. Dogecoin (DOGE) saw a slight decline.

On the other hand, AAVE experienced a significant surge, with its price rising by 8% to $137.72. Polygon (MATIC) also gained 7%, while NEAR dropped 2% to $4.07.

The price movements in AAVE, in particular, have garnered attention. Data from LookonChain revealed that whales have accumulated nearly $8 million worth of AAVE tokens. These increases, along with the new trading pairs and services announced by Binance, have given investors cause for optimism regarding AAVE's performance.

As outlined in our recent blog post, Binance Futures launched the USDT-Margined BRETT Perpetual Contract on August 20, 2024. After this announcement, interest in the BRETT surged, translating to a 194% increase in daily trading volume to $66.82 million. In other news, Binance recently stated that it would cease trading and remove the following tokens: There are PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token.

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