Crypto News

Dogecoin Sees Gain As Whales Accumulate And Coinbase Derivatives Eyes Futures

In a recent turn of events, Dogecoin, the internet’s beloved meme-inspired cryptocurrency, experienced a modest 2% uptick in value over the past 24 hours, further bolstering its monthly gains to a remarkable 80%. 

Renowned crypto analyst Ali Martinez took to Twitter to reveal intriguing insights, highlighting that Dogecoin whales have been on a buying spree, acquiring a staggering 25 million DOGE valued at $3.75 million within the last three days.

Meanwhile, data from Intotheblock unveiled a significant surge in Dogecoin transactions exceeding $1 million, witnessing an unprecedented increase of over 600% in the past 30 days. 

This surge not only reflects a substantial uptick in activity but also marks the highest number of millionaire transactions in Dogecoin since its previous peak in May 2021, underscoring renewed interest and activity in the meme-inspired cryptocurrency.

Coinbase Derivatives Files With The Commodity Futures Trading Commission

In another development, Coinbase Derivatives LLC quietly made a significant move by filing certifications with the Commodity Futures Trading Commission (CFTC) to list US-regulated futures contracts for Dogecoin, alongside Litecoin and Bitcoin Cash. 

Filed on March 7, these certifications flew under the radar, catching many by surprise. If approved, these futures contracts are slated to commence trading on April 1, pending any objections from the CFTC.

As Dogecoin continues to capture the attention of traders and investors alike, with whales accumulating and institutional interest growing, the cryptocurrency’s journey remains one to watch closely. With Coinbase’s potential foray into Dogecoin futures trading, the cryptocurrency landscape could witness further evolution, potentially opening new avenues for market participation and price discovery.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: archnoi1/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *