On Monday morning, DODO, the governance token of the decentralized exchange (DEX) platform of the same name, saw its price spike by more than 33%. This was a result of an announcement from leading crypto exchange Binance, which revealed that users will gain access to DODO perpetual contract with up to 20x leverage starting on August 8th at 08:00 (UTC).
The last time DODO traded at the same level as it did on Monday morning was in early June this year. Prior to this, the token had traded in a range between $0.09 and $0.10. Following the Binance announcement, DODO token price quickly rose to a two-month high, topping its previous peak.
In addition to the governance functionality that DODO holders can enjoy, they can also benefit from crowdpooling, receiving IDO allocations, and trading fee discounts. Over the last seven days, DODO tokens have increased by more than 39%, although they remain more than 98% down from their all-time high of $8.38 which was reached back in May 2021.
