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Is CME Launching Dogecoin Futures? What You Should Know

April 19, 2021 3:35 am
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Is CME Launching Dogecoin Futures? What You Should Know

CME Group Inc (NASDAQ:CME) does not plan to launch a futures product based on Dogecoin (DOGE), The Block reported Sunday.

What Happened: The Chicago-based operator of markets confirmed that it had no plans to launch such a product after a news-centric Twitter account broke news to the contrary earlier, people familiar with the matter told the Block.

Tweet From First Squawk — A Twitter a Global Financial News Squawk Service

A trading executive told the Block that no one from the CME had updated them on the product — adding, “usually they give us a look.”

See also: How to Buy Dogecoin (DOGE)

DOGE traded 25.59% higher at $0.34 at press time. The cryptocurrency has surged 371.31% over a seven-day trailing period.

The apex cryptocurrency by market capitalization, Bitcoin (BTC), traded 0.36% higher at $56,761.18 at press time.

Why It Matters: First Squawk was one of the Twitter accounts that gave a boost to a headline on social media centered on U.S. regulators charging several unnamed financial institutions for money laundering using cryptocurrencies, noted the Block.

A Tweet Carrying A Headline Allegedly Boosted By First Squawk Among Others

The rumors surrounding the regulators were a factor in BTC’s weekend decline, according to Cointelegraph.

DOGE, meanwhile, has been on an ascent since last week, in part buoyed by social media frenzy, after its price crossed the 10-cent psychological mark. The cryptocurrency touched an all-time high of $0.43 on Friday. 

See Also: Why Is Dogecoin Being Succhhhh A Good Boi Right Now?

Dogecoin co-creator Billy Markus on Sunday defended DOGE’s inflationary tendencies and said it doesn’t “matter for price” which he said is only affected by “buying and selling.”

Price Action: CME Group shares closed nearly 1.7% higher at $207.58 on Friday.

Read Next: Elon Musk Says Dogecoin's High Supply Relative To Bitcoin Can Actually Be An Advantage

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