Why is Dogecoin (DOGE) Price Pumping?

Dogecoin (DOGE), the popular meme-inspired cryptocurrency, has experienced a significant price surge, gaining 16.05% in the last 24 hours. The token is currently trading at $0.1552, with a 24-hour low and high of $0.1277 and $0.157, respectively. This impressive performance has propelled DOGE’s market capitalization to $22,283,560,506, solidifying its position as the 9th largest cryptocurrency by market cap.

Coinbase Derivatives to List DOGE Futures

The primary catalyst behind Dogecoin’s recent price pump is the announcement by Coinbase Derivatives, a subsidiary of the leading cryptocurrency exchange Coinbase, to list DOGE futures contracts starting April 1. In addition to Dogecoin, the exchange will also enable futures trading for Litecoin (LTC) and Bitcoin Cash (BCH).

This mainstream boost for Dogecoin is expected to increase the token’s exposure to a wider audience of traders and investors, potentially driving further demand and price appreciation.

Self-Certification Process

Coinbase Derivatives informed the Commodity Futures Trading Commission (CFTC) of its intentions to launch cash-settled futures contract products for Dogecoin, Litecoin, and Bitcoin Cash in three separate letters dated March 7. Interestingly, the exchange emphasized that it could list these futures contracts without receiving explicit approval from the CFTC by invoking a process called “self-certification.”

In its letter to the regulatory agency, Coinbase Derivatives stated, “Coinbase Derivatives […] hereby submits for self-certification its initial listing of the Dogecoin Futures contract to be offered for trading on the Exchange on or after April 1, 2024.”

This self-certification process allows the exchange to expedite the listing of DOGE futures, capitalizing on the current market interest and potentially attracting more traders to its platform.

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Bitcoin Climbs Above $67,000

Alongside Dogecoin’s impressive performance, Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has also experienced a notable uptick in price. BTC has climbed back above the $67,000 mark, further contributing to the overall positive sentiment in the cryptocurrency market.

As the flagship cryptocurrency continues to exhibit strength, it is likely to have a positive impact on the wider altcoin market, including meme-inspired tokens like Dogecoin.

Dogecoin’s 16% price surge, driven by the announcement of Coinbase Derivatives’ plans to list DOGE futures contracts, highlights the growing mainstream acceptance and interest in meme-inspired cryptocurrencies. As the exchange prepares to launch these futures contracts on April 1, the increased exposure and trading opportunities may further fuel Dogecoin’s price appreciation.

However, investors and traders should always exercise caution when investing in highly volatile assets like cryptocurrencies and conduct thorough research before making any investment decisions.

While the current market sentiment appears bullish for Dogecoin, the cryptocurrency market remains inherently unpredictable, and prices can fluctuate rapidly based on various factors, including regulatory developments and overall market conditions.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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