• CFTC approves Coinbase Derivatives Exchange application for Dogecoin, Litecoin, and Bitcoin Cash futures.
  • Securities claims for these cryptocurrencies will be hard to establish since they are all based on Bitcoin.
  • Crypto assets trade in the green on dovish Federal Reserve remarks.

Dogecoin (DOGE) went up nearly 20% on Thursday after experiencing a correction in the last three days. Gains for the largest meme coin came after Coinbase Derivatives LLC announced it would be listing futures products for it, Bitcoin Cash (BCH), and Litecoin (LTC).

DOGE futures trading to begin on Coinbase Derivatives

Dogecoin (DOGE) became one of the most trending topics on X (formerly Twitter) after Coinbase Derivatives LLC announced that it would open trading for the meme coin.

Coinbase had quietly filed certifications with the US Commodity and Futures Trading Commission (CFTC) for a Dogecoin futures product since March 7, but no one noticed, as one X user pointed out. The news started making rounds in the crypto community after Coinbase announced the CFTC approved certification on Wednesday.

Coinbase Derivatives LLC has said that trading for the Dogecoin futures product will go live on April 1, and users can currently test it in their integration environment.

Read more: XRP price hits new 2024 peak alongside Coinbase filing that reveals contradictory SEC stance on digital assets

Following the news, the price of Dogecoin recorded nearly 20% in gains after a downward trend that saw it shed 23% of its value. With the Coinbase futures listing, DOGE may be set to trade higher.

DOGE/USDT 1-hour chart

DOGE/USDT 1-hour chart

DOGE had seen a massive rise last week following other meme coins, pushed by speculations that Tesla could accept payments in DOGE before the wider market slump.

Apart from Dogecoin, Bitcoin Cash and Litecoin had their fair share of price gains as they will also be listed on Coinbase Derivatives LLC. BCH recorded an 18% increase, while LTC spiked by almost 6% in the last 24 hours.

DOGE ETF on the way?

A notable insight from the CFTC's approval of these cryptocurrencies for futures trading is that the Commission acknowledges that they are commodities. One reason for the approval may be the similarity Dogecoin, Bitcoin Cash, and Litecoin share with Bitcoin—they are all forks of the original Bitcoin protocol.

Following the launch of spot Bitcoin ETFs in the US, many other cryptocurrencies are also gearing up for a potential debut in the US. Many Dogecoin proponents have expressed their hopes on X that a Dogecoin ETF is imminent as it would be hard for the Security and Exchange Commission (SEC) to argue that DOGE is a security, considering the CFTC now sees it as a commodity.

Also read: Meme coin season ends abruptly, whales transfer large volumes of Shiba Inu, Dogecoin and PEPE to exchanges

While the rise in these coins may largely be attributed to the Coinbase announcement, the general crypto market gain also plays a factor. After Federal Reserve officials signaled that they still expect to cut interest rates by three times this year, the entire cryptocurrency market recorded gains. Bitcoin and Ethereum prices, which have been on a downward trend since last week, increased about 10%.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely

Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely

Bitcoin is trading above $67,000 on Sunday after securing support at $65,000. While BTC holds its gains steady, analysts evaluate the price trend of the largest asset by market capitalization and predict a deeper correction in Bitcoin. 

More Bitcoin News

AI tokens could really ahead of Nvidia earnings

AI tokens could really ahead of Nvidia earnings

Amidst other narratives, AI tokens could gather momentum with the upcoming earnings result of NVIDIA next week. The $2.3 trillion company’s stock emerged as a poster child for the crypto AI sector and gains in the stock catalyzed a rally in cryptocurrency tokens. 

More Cryptocurrencies News

Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback

Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback

Lookonchain identified a large wallet investor who rotated capital from Solana based meme coin Dogwifhat to Doland Tremp and Bonk. The two meme coins have added double-digit value to their prices in the past 24 hours, as seen on CoinGecko. 

More Solana News

Crypto political donations surge to $94 million pre election, exceed previous elections by 13%

Crypto political donations surge to $94 million pre election, exceed previous elections by 13%

Crypto industry giants supported political campaigns in the US looking for pro-crypto governance in the US. A Bloomberg report from May 17 shows that crypto donors have spent $94 million in an effort to get pro-crypto regulation in the US. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis