A month ago, Coinbase Derivatives filed certificates with the Commodity Futures Trading Commission (CFTC) to list regulated futures on Dogecoin (DOGE), Litecoin (LTC) and Bitcoin Cash (BCH).
Today, it was confirmed that the exchange has successfully launched BCH and LTC futures contracts, with DOGE set to follow later this month. This development positions Coinbase as the first CFTC-regulated exchange to offer margined futures contracts for these cryptocurrencies.
The futures contracts, sized at 1 BCH, 5 LTC and 5000 DOGE, aim to provide traders with enhanced trading opportunities and a more inclusive trading environment on the market. By introducing these additional futures contracts, Coinbase aims to empower retail traders to capitalize on price movements and effectively hedge their existing holdings.
DOGE's month
What is interesting is that April historically marks a favorable month for DOGE, with notable price surges in 2017 and 2021. While the current price is nearing the end of the third year in the cycle, there is speculation about the potential impact of listing Dogecoin futures on a major exchange.
Drawing parallels to Bitcoin's historic breakthroughs prior to halving events, some analysts suggest that exposure to traditional finance and the launch of ETFs could present new possibilities for DOGE.
As the crypto community eagerly awaits the launch of Dogecoin futures on Coinbase Derivatives, speculation abounds regarding the potential implications for DOGE's trajectory in the coming months. Will this listing pave the way for new opportunities and propel Dogecoin into uncharted territory? Only time will tell.
Tomiwabold Olajide
Yuri Molchan
