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Japan’s Bitbank Adds Support For Dogecoin And Polkadot

Two popular digital tokens, DOGE and DOT, have recently been included in Bitbank’s platform. Reports on Tuesday indicate that the Japanese crypto trading exchange has integrated the two crypto tokens on its platform.

Reports indicate that the exchange based in Tokyo will allow customers to choose between the two coins when making payments. This brings the total of the cryptos listed on Bitbank to 18. Meanwhile, Bitbank will accommodate the two coins to allow users to begin to use them for trading.

Japan’s FSA Recognized Bitbank

To drive fintech development in the country, the Financial Services Agency (FSA) approved Bitbank and other crypto exchange providers in October 2017. Since then, the exchange has become one of the leading crypto firms in Japan.

Dogecoin gained the license from BTCBOX in March of this year. This makes it the first crypto service platform to be recognized by the agency.

Bitbank established a holding firm called Japan Digital Asset Trust (JADAT). This is after teaming up with Japanese investment company Sumitomo Mitsui Trust Holdings.

Competition among crypto service providers is rife, and most businesses are looking for ways to be ahead of their peers. Japanese crypto platforms have initiated the system of standardizing listings to keep up with other brokerage firms worldwide. This is to keep it on par with counterparts across the world.

The approved list of cryptocurrencies approved by the regulating body (JVCEA) includes Bitcoin, XRP, Ethereum, Stellar, and others. In addition, the regulator has since ceased the screening process of the tokens, as mentioned above. According to JVCEA, the tokens have satisfied the requirements for their circulation and use. 

Elon Musk Triggers Dogecoin Price Surge

The billionaire tech entrepreneur was again the architect of a sudden price surge for Dogecoin. Elon Musk posted on his Twitter page that one of his sons loves playing with Shiba Inu puppies.

As a result, the price of the popular meme cryptocurrency spiked by 4% on Tuesday, August 2, after the Tesla boss tweeted that his son “loves Doges.” The latest incident is not surprising considering previous events where Musk was at the center of the price uptrend for DOGE.

The past couple of weeks have been challenging for the digital meme token as price fluctuations in the crypto market took their toll on the coin.

Furthermore, the broader crypto market bloodbath has had a profound impact on many top cryptocurrencies, including DOGE. However, Dogecoin has its peculiar challenges, which play a part in its continued downtrend.

The closest rival to Dogecoin among the meme coins is Shiba Inu, and the competition for dominance continues to rage on. On June 28, 2022, both meme coins outperformed other cryptocurrencies, with Shiba Inu gaining the upper hand over DOGE.

However, the striking feature of the price surge is that it is driven by price speculation, which both networks have in equal measure. In terms of price performance, Dogecoin is yet to recover from its previous all-time high of May 2021.

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