- Dogecoin’s Derivatives offering on Coinbase will debut on April Fool’s Day.
- The top dog crypto climbed 17% today to reclaim a crucial resistance level.
- Dogecoin’s Open Interest soars by 22% as the markets rebound on Thursday.
Dogecoin (DOGE) is getting more adoption opportunities with Coinbase, the leading American crypto exchange, applying to legal entities to incorporate DOGE Derivatives trades. Applying with the Commodity Futures Trading Commission (CFTC), Coinbase seeks a grant to start DOGE Derivatives offerings as soon as next month.
If granted, Dogecoin’s listing on Coinbase Derivatives could come as soon as the first day of April. According to the CFTC Portal, the Dogecoin Futures contract will be a monthly cash-settled contract with 5,000 DOGE representing one part of the Futures contract.
In addition, Coinbase applied to expand offerings for Litecoin (LTC) and Bitcoin Cash (BCH) in the same way, hinting at increasing demand for LTC and BCH in Derivatives markets. In DOGE’s case, the Derivatives contract will be powered by MarketVector™ Coinbase Dogecoin Benchmark Rate, which Coinbase employs to track the currency’s price on the platform.
Is DOGE Growing Beyond Its Meme Status?
The intention to place Dogecoin’s Derivatives trading contract along with BCH and LTC implies that Dogecoin is considered one of the prevailing altcoins when it comes to longevity, as all three of the aforementioned cryptocurrencies are early forks of the leading digital asset Bitcoin (BTC).
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The recent developments have sparked enthusiasm on X, as crypto traders have attributed Dogecoin’s 17% rebound rally to Coinbase’s latest move. The positive news has bumped DOGE back above $0.15, a support level that helped DOGE break the macro downtrend.
The rising demand for Dogecoin’s trading on the Derivative side is evident in the numbers. Dogecoin’s Open Interest (OI) saw the greatest spike of the year two weeks ago, when DOGE reached the yearly heights of $0.182 on March 5, 2024.
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While DOGE had witnessed a two-week market correction to find its floor at $0.128 on March 20, 2024, today’s 22% hike in OI puts Dogecoin’s main Derivatives metric back above $1 billion. The Derivatives trading volume has also spiked by 23% in the latest 24-hour time frame to approach $5 billion, according to real-time on-chain data by CoinGlass.
As Dogecoin grows beyond its satirical status, cryptocurrency aficionados see potential in DOGE due to its previous bull rallies. In 2021, DOGE soared to $0.73 on active endorsements by Elon Musk and several other celebrities. While DOGE recorded 109.9% growth in yearly terms, the top dog is still 79% behind the all-time high.
On the Flipside
- According to analyst Andrew Kang, crypto enthusiasts on Twitter are speculating about the potential Dogecoin exchange-traded fund (ETF), which has an over 30% chance of eventually happening.
- The crypto analyst bases this belief on the fact that Dogecoin (DOGE) doesn’t have an official developer team or any private sales preceding the coin’s launch, thus erasing the hazards of centralization.
Why This Matters
Coinbase is determined to expand its service range while simultaneously addressing regulatory issues.
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