Recently, with the rise of crypto like Bitcoin and DOGE, many people have entered or reentered the crypto trading game. Eclipsing the popularity of Bitcoin (BTC) is Dogecoin (DOGE), due to it’s strong community backing, not to mention the likes of Mark Cuban and Elon Musk.
This is where the Crypto currency trading app Binance comes in, you see, Binance is one of the few platforms that allows trading of Dogecoin. The most popular crypto trading platform Coinbase who recently launched their IPO are yet to include DOGE into their trading platform.
Why is the Systems upgrade of Binance important?
The scheduled systems upgrade is 2:00 AM today, April 20, 2021 UTC. Which is also known as DOGEDay. The community backing DOGE coins are drumming up DOGEDay to be the day on when the said coin will “go to the moon”. Many expected this to be the day DOGE coin will drastically increase in value some would say it will be the day it will reach to $1 in value. as of this writing DOGE is trading at a value of around 38-40 cents.
So why is the systems upgrade important? Well since Binance is one of the largest platforms that is trading DOGE coin, it might have an effect on its trading and might hamper the rise of its value. But that is something would remain to be seen. To be fair, Binance gave their system upgrade ahead of time and a prudent trader would know how to prepare for such system upgrade.
What are involved in the Binance System Upgrade
The major improvement during the upgrade will be the overall system performance and stability.
During the upgrade the following will be suspended
- Deposits and withdrawals
- Spot and margin trading
- P2P Trading
- Convert & OTC Portal Trading
- New User Registrations
- Sub-accounts activation
- Subscription & Redemption of savings
- Swapping or adding/removing liquidity on Binance Liquid Swap
- Staking or redeeming assets from launchpool
- Crypto loans services
- Binance card dashboard and transactions
- Binance pay
- Asset transfers from sub-accounts, margin accounts, futures accounts, pool accounts and fiat wallets.
In addition, according to the announcement by Binance, users will have a 30-minute window after the upgrade is complete to cancel orders, process deposits and withdrawals, transfer funds and use all other account related functions before trading resumes.