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Dogecoin Just Made Another Major Step Toward Mainstream Adoption

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Thu, 21/03/2024 - 5:55
Dogecoin Just Made Another Major Step Toward Mainstream Adoption
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Coinbase Derivatives is on track to launch regulated futures for Dogecoin as well as several other altcoins (Litecoin and Bitcoin Cash), according to a letter sent to the CFTC. The new futures products will debut on April Fool's Day.   

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The Dogecoin futures contract is based on the Market Vector Coinbase Dogecoin Benchmark Rate (“Index”), which tracks the price of the meme coin on Coinbase. 

The index is regulated by the German Federal Financial Supervisory Authority (“BaFin”). It is worth noting that Coinbase secured its first cryptocurrency license back in June 2021. 

Each Contract represents 5,000 DOGE. Coinbase will set the position limit to 20,000 DOG futures, which is equivalent to 100,000 DOGE. 

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Dogecoin is currently trading at $0.15 on major spot exchanges, according to data provided by the CoinGecko platform. 

Dogecoin (DOGE) was originally brought to life by Billy Markus and Jackson Palmer in December 2013. It quickly gained traction because of its vibrant community.

In 2021, the price of the meme coin exploded because of endorsements from various prominent celebrities, including none other than Tesla boss Elon Musk. 

Coinbase, the top US exchange, initially unveiled its plan to launch a derivatives exchange last May. In June, it announced that it would offer institutional Bitcoin and Ethereum futures. 

In August, Coinbase managed to obtain regulatory approval to be able to offer cryptocurrency futures to US investors. 

Derivatives account for the vast majority of daily trading volume on digital currency markets, according to data provided by CoinGlass.  

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