Dogecoin (DOGE) supporters have received a significant boost as Coinbase Derivatives LLC moves towards listing US-regulated futures for Dogecoin alongside Litecoin and Bitcoin Cash.
This development, shared by a Dogecoin advocate named “Summers” on X (formerly Twitter) on Wednesday, has sparked excitement within the crypto community and raised expectations for a potential price surge for the world’s second-largest meme cryptocurrency.
Summers shared screenshots showing that Coinbase had filed certifications with the Commodity Futures Trading Commission (CFTC) on March 7th for Dogecoin futures. Trading is expected to begin on April 1st, pending CFTC approval.
“Coinbase Derivatives LLC quietly filed certifications with CFTC to list US-regulated futures for Dogecoin, Litecoin and Bitcoin Cash. They filed them on March 7 and surprisingly nobody seemed to notice.” Wrote Summers, tagging Elon Musk.
If approved, the Dogecoin Futures contract will be a monthly cash-settled and margined contract, providing increased accessibility and legitimacy to the cryptocurrency.
The filing also re-ignited a debate about the potential approval of a Spot Dogecoin exchange-traded fund (ETF), with Summers emphasizing, “Good day for doge connoisseurs, a stepping stone to DOGE futures ETF.”
This development comes amidst a Thursday announcement on Coinbase’s partnership with BlackRock, the world’s largest asset manager. In a tweet, Coinbase announced that it had been selected as a key infrastructure provider for BlackRock’s newly unveiled tokenized investment fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
Interestingly, following the announcement of BlackRock’s tokenized fund, the associated wallet received over $99 million in donations from various crypto community members, including meme coins like PEPE, ROCK, and GAINS, suggesting potential future collaborations between BlackRock and meme coins like Dogecoin.
That said, Dogecoin’s recent performance has been promising, with strong recovery signs observed amid the news of Coinbase’s futures filing. Despite a broader crypto market drawback led by Bitcoin earlier this month, Dogecoin has demonstrated resilience, surging approximately 20% following the announcement on Wednesday. This surge also propelled Dogecoin to flip AVAX and claim the ninth spot in the list of largest crypto assets by market capitalization.
Additionally, DOGE has seen an impressive 80% surge in the past month, reaching $0.20 on March 5th, a level not seen since January 2022.
Looking ahead, Dogecoin proponents remain optimistic about the cryptocurrency’s prospects. With anticipation building around the potential approval of Dogecoin futures and its continued recovery momentum, there is hope that Dogecoin could soon breach the $0.20 ceiling, paving the way for a potential ascent to $1 or even higher prices.
At press time, DOGE was trading at $0.15, reflecting a 14% increase over the past 24 hours.
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