Binance Boosts Market Sentiment with DOGE, TON, AAVE, NEAR, and MATIC Announcement

• Binance is launching new spot trading pairs for DOGE, MATIC, AAVE, NEAR, and TON, starting August 22.

• The exchange introduces trading bots and algo orders for various cryptocurrencies to enhance user trading experiences.

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

In the official statement, Binance unveiled additional spot trading pairs such as AAVE/FDUSD, DOGE/JPY, MATIC/JPY, NEAR/JPY, and TON/USDC. These pairs are planned to be open for trading from the 22nd of August. These pairs listed in Binance involve JPY (Japanese Yen) and EUR (Euro) fiat currencies, which are apparent attempts 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. 

Binance Enables Algorithmic Trading Options

Besides the new trading pairs, Binance is also 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. 

Cryptocurrency Prices React to Binance’s Announcements

Following Binance’s announcement, the affected cryptocurrencies showed mixed price actions. 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. Additionally, 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.