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The Dogecoin price has soared 14% to trade for $0.1515 as of 06:24 EST time with trading volume surging 17%.
It comes after a show of strength from the Bitcoin (BTC) price with meme coins known to take their cues from the pioneer cryptocurrency during bull markets.
The Dogecoin price may also have been boosted by news that Coinbase plans to launch futures trading products for Dogecoin. Other cryptocurrencies in the trading platform’s line of sight for the same offering include Litecoin (LTC) and Bitcoin Cash (BCH), and are planned for April 1.
The #Coinbase exchange has quietly submitted documents to the #CFTC for the listing of #Dogecoin #DOGE, #Litecoin #LTC and #Bitcoin Cash #BCH futures regulated in the USA (as early as April 1, 2024)
"The first step towards launching futures ETFs for these altcoins???"#Crypto pic.twitter.com/qDOVRCqv0a
— DOGE vs Crypto (@dogevscrypto) March 20, 2024
Coinbase Derivatives said it will use a self-certification route under CFTC Regulation 40.2(a) to list the futures products, allowing the platform to open trading without needing to wait for direct approval from the CFTC. It will still need to ensure that the contracts adhere to the Commodity Exchange Act and CFTC regulations.
Breaking News: (This is Good) Coinbase Derivatives LLC has filed for 3 new crypto futures, including Dogecoin! #Dogecoin pic.twitter.com/rHgePcXdZ7
— Crypto Daily Trade Signals (@cryptodailyTS) March 20, 2024
Following the announcement, on March 20, the Dogecoin price soared 14%, while BCH and LTC rallied 11% and 8%, respectively.
Coinbase has been offering futures contracts for Bitcoin (BTC) and Ethereum (ETH) to institutional as well as retail investors, alongside crude oil contracts. Commenting on the matter, ETF specialist from Bloomberg Intelligence James Seyffart said it could challenge the Securities and Exchange Commission (SEC) to clarify Ethereum’s status as either a security or a commodity.
This is interesting… wonder if the SEC objects to these being classified 'commodities futures' vs 'securities futures'. These all forked from Bitcoin so "these are securities" claims would be hard to make after spot #Bitcoin ETF approvals. Might be why Coinbase chose them🤔 https://t.co/PRCxzQEYbi
— James Seyffart (@JSeyff) March 20, 2024
Another industry specialist, Scott Johnsson, a general partner and general counsel at Van Buren Capital, said this is the beginning of a broader trend as US regulatory leadership approaches a transition of administration.
The tidal wave commences. I was wondering when Coinbase would do something like this. Think we can rest assured that if we get a change in admin after November, you'll see A LOT more of this. A necessary prerequisite for spot ETFs. https://t.co/KQF9dlmrtp
— Scott Johnsson (@SGJohnsson) March 20, 2024
Dogecoin Price Outlook As Coinbase Derivatives Plans To Offer DOGE Futures Trading
The Dogecoin price had dropped below the $0.1368 support, a liquidity sweep that has set the tone for a move north. The Relative Strength Index (RSI) bouncing off the ‘50′ mean level supports this fluke rally for the Dogecoin price.
If the bulls can propel the dog-themed meme coin to close above $0.1638, it would encourage sidelined bulls to come in, likely steering the DOGE price to tag the stiff resistance at $0.1855.
In a highly bullish case, the Dogecoin price could clear this roadblock, flipping it into support and using it as the jumping-off point for a liquidity grab above this level. The highly ambitious case could see the Dogecoin price rise to reclaim the peak of $0.2063, with the potential to establish a new peak above it.
TradingView: DOGE/USDT 1-day chart
On the other hand, if the bears come in, encouraged by early profit booking, the Dogecoin price could drop, wiping out the ground covered on Wednesday. If the bears steer DOGE price below the $0.1200 psychological level, it would negate the bullish thesis.
Meanwhile, as the Dogecoin price attempts a recovery rally, enlightened investors have already spotted DOGE20, a DOGE upgrade that is thriving in presale.
Promising Alternative To Dogecoin
DOGE20, the powering token for the Dogecoin20 ecosystem, represents a new generation of meme coins. It is inspired by the beloved meme coin universe centered on the iconic Shiba Inu.
But the project distinguishes itself by introducing on-chain staking, while at the same time abiding by the charitable ethos embodied by its Doge family lineage with its guiding principle being to ‘Do Only Good Everyday.’
https://twitter.com/DOGE_COIN20/status/1768242237266104505
At the core of $DOGE20 lies a pioneering staking system that offers an annual return of 187% right now. This innovation makes it possible for the community not just to participate actively but also to earn lucrative passive rewards.
In the ever-evolving landscape of #Cryptocurrency, #Dogecoin20 emerges as a distinctive and innovative token. 🚀
Drawing inspiration from the beloved #Shiba Inu-themed #Memecoin universe while introducing a groundbreaking dimension of on-chain staking. 🌌 pic.twitter.com/aHTuT3Jh4o
— Dogecoin20 (@DOGE_COIN20) March 17, 2024
It leverages advanced smart contracts powered by Ethereum, transcending its origins as a meme coin to become a dynamic asset offering substantial passive rewards potential.
With 15% of tokens earmarked for staking, holders are incentivized to contribute actively to network stability and growth while reaping rewards.
By utilizing smart contracts powered by #Ethereum, #DOGE20 transcends being just a #Memecoin. 🐶💰
Bringing passive reward potential to the #Crypto Community! 🌟
Harnessing the power of your $DOGE20 #Tokens by #Staking and earning rewards. 💸 pic.twitter.com/19BxjvI2JJ
— Dogecoin20 (@DOGE_COIN20) March 14, 2024
The project is in the presale stage, boasting upwards of $5 million in sales so far that have been accumulated in just slightly more than a week.
LFG!!! 🚀
Another insane milestone for #DOGE20! 💥🐕
Raising over $4.5 Million! 💰
Can this day get any better? 🤔
Hmm… Only if we hit $5M! 😊 pic.twitter.com/kGIpWkHYqj
— Dogecoin20 (@DOGE_COIN20) March 21, 2024
Investors looking to buy DOGE20 can do so on the website, where each token is selling for $0.000204. This price tag is only available for less than three days before a hike, so buyers should take advantage now.
Also Read:
- Dogecoin20 Price Prediction – DOGE20 Price Potential in 2024
- How to Buy Dogecoin20 – DOGE20 Presale Review
- Shiba Inu-Themed Meme Coin DOGE20 Launches on Ethereum, Raises $1 Million in Presale with High Staking Rewards
- Book of Meme Price Prediction: BOME Plunges 5% As Investors Flock To This Dogecoin 2.0 Presale Offering A 205% APY
- 5 New Cryptocurrency to Invest in 2024: Promising Game-Changers with 1000x Potential
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