Binance-Peg Dogecoin
Binance-Peg Dogecoin is a BEP-20 token on the BNB Smart Chain, issued by Binance to mirror the value of native Dogecoin (DOGE) on a 1:1 basis. These pegged tokens are backed by equivalent reserves held by Binance and must be deposited into a Binance account to be redeemed for the underlying asset. [1] [2]
Overview
Binance-Pegged Tokens function as a centralized bridge mechanism, allowing users to interact with assets that originate from different blockchain networks within the Binance environment. The core principle behind these tokens is that each Binance-Pegged Token is backed 1:1 by the underlying asset held in Binance's reserves. This system enables cross-chain compatibility, where users can deposit native assets into a Binance account and receive an equivalent amount of Binance-Pegged Tokens, which can then be utilized on compatible chains, primarily the BNB Chain. To redeem the underlying native asset, users must deposit the Binance-Pegged Token back into a Binance account [1]
Tokenomics
The token facilitates easier integration of DOGE into the BNB Chain ecosystem, enabling use in DeFi applications while maintaining parity with native Dogecoin. As of now, Binance-Peg Dogecoin has a maximum supply of approximately 2.56 billion DOGE, with over 2.11 billion in circulation. It is held by more than 960,000 addresses and has processed over 42 million transfers.
Trading activity primarily occurs on decentralized exchanges such as PancakeSwap V3 (BSC), where DOGE/BTCB is one of the most active pairs. The token's on-chain market cap stands at over $608 million, with a current price of $0.2373. [3] [2]