8 months ago
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American publicly traded company and crypto exchange, Coinbase, has revealed plans to introduce Dogecoin (DOGE) to its future contract offerings. The exchange asserts that Dogecoin has transcended from its status as a meme coin, emerging as a prominent digital asset within the evolving crypto market.
Coinbase To List Dogecoin In Futures Contract
In a series of letters addressed to the United States Commodity Future Trading Commission (CFTC), Coinbase Derivatives, a Designated Contract Market (DCM), revealed intentions to list Dogecoin in its futures contract. The crypto exchange had relayed its plan to incorporate Dogecoin into its cash-settled future contract products as early as Thursday, March 7.
Notably, the derivatives exchange has revealed that Dogecoin futures contracts will be available to trade on its platform on or by Monday, April 1, 2024. This move marks a pivotal moment for DOGE, which has been viewed as a humorous meme coin since its inception.
Coinbase has also justified its decision to list Dogecoin by claiming that the cryptocurrency has evolved beyond the title of a meme coin, highlighting the cryptocurrency’s growing influence and value in the market. The exchange’s announcement also comes at a time when DOGE’s popularity and price dynamics have been growing stronger.
“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,” the exchange wrote.
More interestingly, Coinbase’s letters to the CFTC have indicated that the derivatives exchange may proceed with listing Dogecoin futures contracts before obtaining formal approval from the US agency. Additionally, the crypto exchange has disclosed its intention to utilize the self-certification method to launch the futures contract.
In light of these, Dogecoin is not the only cryptocurrency set to receive a listing by Coinbase. Popular cryptocurrencies like Litecoin (LTC) and Bitcoin Cash (BCH) have been included in Coinbase’s futures contract plans, with trading expected to commence by April 1, if no objections are made by the CFTC.
From Meme To Mainstream
Dogecoin, originally created as a joke based on the popular Shiba Inu dog, has continually defied expectations, gaining substantial traction and recognition within the crypto market over the years. Despite its meme coin origins, the cryptocurrency has developed a strong reputation and cultivated a dedicated community of supporters and enthusiasts who have contributed greatly to its development by propelling its adoption and value to great heights.
Coinbase’s decision to incorporate DOGE into its futures contracts reflects the cryptocurrency’s growing acceptance within the mainstream digital asset market. By listing the popular doggy-themed cryptocurrency in its futures contract, Coinbase not only expands its impressive product offerings but also grants its users access to Dogecoin, providing additional avenues for trading and investing.
Featured image from Watcher Guru, chart from Tradingview.com
