Dogecoin's 'Enduring Popularity' Spurs Coinbase To Introduce DOGE Futures Trading

Coinbase, a cryptocurrency exchange, has disclosed an initiative to venture into futures trading with Dogecoin DOGE/USD, Litecoin LTC/USD, and Bitcoin Cash BCH/USD

What Happened: In a series of communications to the United States Commodity Futures Trading Commission (CFTC) on March 7, Coinbase Derivatives revealed its intention to introduce cash-settled futures contracts for Dogecoin, with prices marked at $0.15, Litecoin at $85.20, and Bitcoin Cash at $413, aiming for an April 1 rollout.

The company cited Dogecoin’s appeal and strong community backing as evidence of its status within the cryptocurrency landscape. "Dogecoin’s enduring popularity and the active community support suggest that it has transcended its origins as a meme to become a staple of the cryptocurrency world."

One of the letters specifically emphasized the approach for Dogecoin futures, indicating a launch on or after April 1, 2024. 

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: After the announcement, Dogecoin was up 17% in the last 24 hours, trading at $0.12 as per data from CoinMarketCap.

On Wednesday, DOGE co-founder Billy Markus said these new meme coins are nothing more than random creations.

Markus, also known by the pseudonym Shibetoshi Nakamoto on X,  said that creating meme coins takes only a few cents and a couple of seconds. He underscored there are no developers or teams behind these coins, so he has no plans to invest in any of them.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

Photo by Below the Sky on Shutterstock

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsBilly MarkusCoinbasedogecoin
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!