Home Crypto Wallet News News Coinbase Says Dogecoin Has Transcended Meme Origin as It Adds Futures Support for the Token

Coinbase Says Dogecoin Has Transcended Meme Origin as It Adds Futures Support for the Token

Published Mar 21, 2024

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Elendu BenedictAuthor

Coinbase believes Dogecoin has transcended its meme origin to become a key player in the crypto space.

US-based crypto exchange Coinbase has announced its plans to list dog-themed memecoin Dogecoin for futures trading. In a letter responding to an earlier communication between the exchange and the Commodities Futures Trading Commission (CFTC), it stated it would list DOGE, Bitcoin Cash, and Litecoin (LTC) for futures trading on or before April 1.

Coinbase was particularly impressed by the degeneration of Dogecoin, noting that the memecoin has added a new perspective to the meme sector.

“Dogecoin’s enduring popularity and the active community support suggest that it has transcended its origin as a meme to become a staple of the cryptocurrency world,” Coinbase noted.

Coinbase Invokes Self-Certification

The second-largest crypto exchange by asset under management (AUM) noted that it invoked the self-certification rule, allowing it to list DOGE, BCH, and LTC before the CFTC’s approval. This meant Coinbase could list the token before the US futures market regulator approved the move.

Coinbase “hereby submits for self-certification its initial listing of the Dogecoin Futures contract to be offered for trading on the Exchange on or after April 1, 2024,” the letter carried.

Coinbase noted that the Dogecoin Futures contract will be a monthly cash-settled and margin contract, with DOG as the contract code.

DOGE Moves to Fame

Dogecoin has gained traction recently following its adoption as a payment method by some of the biggest companies in the world.

Luxury car producer Ferrari announced in February that it would start accepting Dogecoin as a means of settlement. Elon Musk also mentioned that Tesla would follow Ferrari’s steps at some point.

At press time, Dogecoin had rallied over 20% following the announcement and was trading at $0.152. This followed a broader market rebound, which saw Bitcoin move to $67,000 after hitting $60,000 on Tuesday.