TL;DR
- Binance added XRP and DOGE to its Smart Arbitrage program, offering rewards for users who participate in a special promotion.
- DOGE saw a 5% daily increase, while XRP’s price remained steady at around $0.55.
The Addition of XRP and DOGE
Earlier today (November 8), Binance added Ripple (XRP) and Dogecoin (DOGE) to its Smart Arbitrage program. The option requires a minimum investment of 12.5 USDT.
The exchange introduced a special campaign with rewards totaling 45,000 USDT to celebrate the new offering. The promotion period is from November 8 to November 21.
“All users who opt-in to the promotion and hold any Smart Arbitrage portfolio for more than 72 hours during the Promotion Period will receive a 10% Bonus APR on their first 1 – 2,500 USDT subscriptions. A total reward pool of 30,000 USDT will be distributed on a first-come, first-served basis,” Binance explained.
Additionally, regular and VIP 1-2 users who subscribe to any Smart Arbitrage portfolio with at least 10,000 USDT for more than 72 hours during the promotion period will enjoy a 45% trading fee discount.
“Rewards will be calculated for the trading fees incurred on Smart Arbitrage during the Promotion Period. A total reward pool of 15,000 USDT will be distributed on a first-come, first-served basis,” the announcement reads.
It is worth mentioning that users willing to participate need to complete the necessary KYC procedures and click the “Join Now” button.
Binance’s Smart Arbitrage program is an automated tool that lets users earn rewards by leveraging funding rate differences between futures and spot markets. It works by simultaneously holding opposing positions in both markets – long in one and short in the other – to collect funding fees while minimizing exposure to price volatility.
How Are XRP and DOGE Doing?
Allowing additional trading services on a major cryptocurrency exchange like Binance often boosts the prices of the involved assets due to increased liquidity, accessibility, and credibility.
The biggest meme coin in terms of market capitalization – Dogecoin (DOGE) – is well in the green today, pumping by 5% in the past 24 hours and currently hovering at around $0.20. Its solid performance aligns with the overall bullish environment of the entire cryptocurrency market following Donald Trump’s victory in the US presidential elections.
On the other hand, Ripple’s XRP has failed to catch up with its rivals, charting less substantial gains. It currently trades at approximately $0.55, showing little to no volatility on a 24-hour scale.
Read the full article here