Coinbase boosts its position in the crypto market by elevating DOGE from memes to futures trading

Coinbase, a prominent cryptocurrency exchange, has announced plans to enter the futures trading arena with Dogecoin (CRYPTO: DOGE), Litecoin (CRYPTO: LTC), and Bitcoin Cash (CRYPTO: BCH).

In a recent series of communications to the United States Commodity Futures Trading Commission (CFTC) on March 7, Coinbase Derivatives unveiled its proposal to introduce cash-settled futures contracts for Dogecoin priced at US$0.15, Litecoin at US$85.20, and Bitcoin Cash at US$413, with a targeted launch date of April 1.

The company highlighted Dogecoin’s widespread appeal and robust community support as indicators of its significance in the cryptocurrency sphere. Coinbase stated, “Dogecoin’s enduring popularity and strong community backing suggest it has evolved beyond its meme origins to become a cornerstone of the cryptocurrency market.”

A specific letter outlined the strategy for Dogecoin futures, indicating a planned launch on or after April 1, 2024.

Significance: Following the disclosure, Dogecoin experienced a 17% increase in value over the past 24 hours, reaching US$0.12 based on CoinMarketCap data.

During a statement on Wednesday, DOGE co-founder Billy Markus expressed his perspective on these emerging meme coins, dismissing them as arbitrary creations. Known as Shibetoshi Nakamoto on X, Markus highlighted the minimal effort and cost involved in generating meme coins, emphasizing the absence of dedicated developers or teams supporting these coins. Consequently, he clarified his lack of intention to invest in any such ventures.