DODO price jumped 33% after Binance announced the DODO perpetual contract. Users will access the product with up to 20x starting August 8 at 08:00 (UTC).

DODO, the governance token of the decentralized exchange (DEX) platform of the same name, spiked by more than 33% on Monday morning. Within hours of an announcement from leading crypto exchange Binance, the price of DODO rose to $0.13, quickly jumping to a two-month high.

The last time DODO traded at that level was in early June this year. Before today’s upside, the token had traded in a range between $0.09 and $0.10.

Binance earlier today announced a DODO perpetual contract with up to 20x leverage, notifying customers that the product will go live on August 8, 2023 at 08:00 (UTC). The DODO perpetual contract will trade under the ticker symbol DODOXUSDT.

According to Binance, the product supports multi-assets mode, which means customers can trade DODOXUSDT across multiple margin assets. It means when one activates the multi-assets mode, they can use Bitcoin (BTC) as margin.

DODO token price rose quickly after the Binance announcement, spiking more than 33% within an hour to top its two-month peak.

The DODO tokens, which offer much more than governance functionality to holders, is more than 39% up on the seven-day log. However, it remains more than 98% down on its all-time high of $8.38 reached in May 2021.

Some of the utility DODO holders enjoy include crowdpooling, receiving IDO allocations and trading fee discounts.

The post DODO price jumps after Binance makes major announcement appeared first on CoinJournal.

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