Coinbase To Launch Futures Trading for Dogecoin (DOGE) in April

Coinbase, the largest United States-based cryptocurrency exchange, is set to launch futures trading for dogecoin (DOGE) in April, marking a huge milestone for the largest memecoin by market cap.

The anticipated listing of the DOGE futures contract on Coinbase derivatives comes after the tier-one crypto exchange filed a certification request with the Commodities Futures Trading Commission (CFTC) on March 7.

Alongside DOGE, Coinbase requested —through separate communications— to also list US-regulated future contracts for Litecoin (LTC) and Bitcoin Cash (BCH).

Directed to CFTC Secretary Christopher J. Kirkpatrick, the letter request stated that the DOGE futures contract would be a “monthly-cash settled and margined contract.” The letter also detailed the specifications of the contract, including contract size (5,000 DOGE), contract code (DOG), product type (USD-settled futures index), daily settlement, minimum tick size and value amongst others.

Notably, Coinbase is leveraging the self-certification route under CFTC Regulation 40.2(a) which allows exchanges to introduce new products without awaiting direct approval from the Commission. However, the route requires that exchanges affirm the product’s compliance with the CFTC regulations and Commodity Exchange Act.

DOGE looking bullish

Ahead of their futures contract listing on Coinbase derivatives on April Fool’s Day, all three crypto assets have regained momentum in the market. Coupled with the bullish indicators on the asset’s price chart, community members expect dogecoin’s price to reach new highs after the positive development.

In particular, DOGE’s price chart shows there is a major resistance around $0.3. Should the bulls overcome this critical level then DOGE would be heading towards its all-time high at $0.68.

At press time, DOGE is trading for $0.21 per token, translating to a 20% price increase in the past seven days for the 9th largest cryptocurrency by market cap. Likewise, LTC and BCH are up over 15% and 22% respectively in the past week.