- Coinbase announced the launch of Dogecoin (DOGE) Futures contracts in its offerings by April. The cryptocurrency exchange noted that the digital asset has already “transcended” its meme coin status.
- X’s Payments system has now been approved in 22 states in the US, and it may include support for DOGE transactions.
Dogecoin Price Now
Dogecoin may be gearing up for a bull run. Besides the recovering Bitcoin (BTC) and altcoin prices, two events that have a direct effect on its ecosystem may further fuel its ride to the top.
As of this writing at 3:40 PM UTC on Thursday, Dogecoin rallied from a $0.12 low to a $0.15 high, representing a 16% increase in its value within the past 24 hours. This was coupled with a jump in its transaction volume by 25% as $3.06 billion worth of DOGE was traded between wallet addresses and crypto exchanges.
The recovery of the dog-themed coin also pushed its market cap back to $21.89 billion, which allowed it to firmly hold its 9th spot in the cryptocurrency rankings by market cap between Cardano (ADA) and Avalance (AVAX).
Notably, its fellow dog-themed coin, Shiba Inu (SHIB), has dropped back to 11th in the same rankings.
Dogecoin Futures Contracts on Coinbase
While it can’t be denied that Bitcoin is the primary driving factor in the crypto market right now, thanks to its rapidly growing institutional demand and upcoming halving, some other events could boost Dogecoin up. One is Coinbase’s upcoming Dogecoin Futures contracts.
Invoking the “self-certification” rule under Regulation 40.2(a) of the US Commodity Futures Trading Commission (CFTC), Coinbase just informed the regulator about the launch of its DOGE Futures contract on April 1.
The company pointed out that the inclusion of Dogecoin in its futures listing was due to its “enduring popularity” and “active community support.” It explained that these factors have been instrumental in the transcendence of the coin from its meme origin to being one of the “foundational elements” of the cryptocurrency sector.
X Payments Platform Approval
Amid these developments is an incoming payment system on X. Based on Watcher.Guru, the platform has already been approved in 22 states in the US.
So far, the nature of the payment services network remains shrouded in mystery and even its social media account on X, @XPayments, is yet to release a single post. But since this is linked to Elon Musk, the billionaire entrepreneur whom the crypto community has endearingly rechristened as the “DOGEfather,” there are high hopes it could include Dogecoin support in its features.
It’s just a matter of time until Musk will hype this up.