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Cardano (ADA) and Dogecoin (DOGE) New Products Listed by Major Exchange

Fri, 05/19/2023 - 11:43
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Gamza Khanzadaev
DOGE and ADA investment opportunities expanded by OKX
Cardano (ADA) and Dogecoin (DOGE) New Products Listed by Major Exchange
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OKX, a prominent cryptocurrency exchange, recently made an announcement regarding the addition of Dual Investments products tailored specifically to two immensely popular digital currencies: Cardano (ADA) and Dogecoin (DOGE).

Dual Investment is a nonprincipal protected product, enabling users to make strategic investment choices.

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Here's how it works: If a user expects the price of a token to increase, they can set a target selling price. If the token fails to reach the target price by the end of the term, the user earns additional tokens. However, if the token reaches the target price, the user can successfully sell their tokens at a profit above the subscription price.

On the other hand, if a user expects the price to decline, they can set a target buying price. In this scenario, if the token fails to reach the target price by the term's conclusion, the user earns USDT. But if the token's price drops to or below the target price, the user can purchase it at a lower price than their subscription cost and earn extra tokens.

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OKX's decision to introduce these new products specifically focused on Dogecoin and Cardano suggests that the exchange recognizes the potential to attract a broader user base by offering investment opportunities in tokens with large and passionate communities. As the recent meme coin season showed, users are the main object of hunting for large platforms.

Nonetheless, it is crucial to remember that despite efforts made by centralized exchanges to entice users, cryptocurrencies held on these platforms do not truly belong to the users themselves. The adage "not your keys, not your crypto" serves as a valuable reminder to exercise caution in relying solely on centralized exchanges for cryptocurrency storage.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.