- Coinbase is scheduled to launch Dogecoin (DOGE) futures contracts this April.
- No this is not an April Fools joke.
Dogecoin pumped over 40% in the past 7 days with a 100% gain in the last 30 days. Besides the Bitcoin (BTC) halving event on the 20th that’s driving up renewed optimism in the wider cryptocurrency market, Coinbase is also prepping to launch DOGE futures contracts on its platform.
The Dogecoin Futures Contracts by Coinbase
For those who haven’t been able to keep track of this major news in Dogecoin’s ecosystem, below is a receipt of the filing made by Coinbase to the US Commodity Futures Trading Commission (CFTC) informing the regulator of the scheduled launch of its DOGE futures today, April 1, or at a later date:
The submission of Coinbase invokes the “self-certification” rule provided by Regulation 40.2(a) of the CTFC. This simply verifies that a designated contract market (DCM) under the oversight of the agency is launching a product that fulfills all regulatory requirements.
In this case, Coinbase said in the letter that it will be rolling out futures contracts based on Dogecoin at least by April 1. It will come with the ticker “DOG” with a contract size of 5,000 DOGE to be settled in USD. Meanwhile, the minimum tick size of the product is $0.00001 per DOGE while the minimum tick value is $0.05 per contract.
According to Coinbase, the decision to include DOGE futures in its listing is anchored on the “enduring popularity” and “active community support” of the dog-themed coin. It reasoned out that these factors have been instrumental in the transformation of Dogecoin from a mere meme coin to one of the “foundational elements” of the crypto industry.
DOGE Now
As of this writing at 9:30 AM UTC on Monday, DOGE is hovering at its 24-hour low of $0.20 with a peak at $0.22 a couple of hours ago. It may be down by nearly 2% in the same period but there has been a significant increase in its trading volume today by 43% as $3.11 billion worth of DOGE moved between addresses.
For Ali Martinez, a popular analyst on X, DOGE could be priming up for a “massive parabolic bull run.” Martinez based his recent take on the coin’s movement from 2018 to its all-time high of $0.7376 in May 2021.
From a fundamental standpoint, there is an overall bullish sentiment for Dogecoin right now because of the rallying prices of Bitcoin on the way to its halving a few days from now. Industry watchers are also on the lookout for the next big announcement of Elon Musk, a known advocate of DOGE, centering on the developments of X’s upcoming Payments network which could support various cryptocurrencies, including Dogecoin.