In a significant move in the market, Dogecoin’s (DOGE) price shot up more than 8% today, making it one of the most lucrative cryptocurrencies over the past 24 hours. Due to this increase, DOGE’s market valuation has surpassed that of Cardano, placing it as the eighth-largest cryptocurrency available.
The increase in DOGE’s value is related to Coinbase Derivatives’ recent filing with the CFTC to launch regulated futures for Dogecoin, Litecoin, and Bitcoin Cash in the United States. This legislative action indicates that outdated currencies like DOGE are becoming more widely accepted and integrated into established financial markets.
Considering the past patterns, it is especially important to keep an eye on the possible effects of this spike. For Dogecoin, April has always been a noteworthy month with substantial price swings seen in the past.
Within the cryptocurrency community, there has been conjecture over the potential for a departure from the standard four-year cycle, with parallels drawn to Bitcoin’s previous oscillations after exposure to mainstream financial products such as spot Bitcoin ETFs.
Dogecoin and April: Perfect match?
Due to elements like Dogecoin’s high capitalization and the existence of long-term investors who bought shares during prior ATH periods, some caution is still warranted despite this spike. However, the combination of new regulations and changing market conditions points to the possibility of big things happening in the following month.
While it’s unclear if the CFTC’s planned approval of Dogecoin futures trading on April 1 will spark a long-term upswing in the cryptocurrency market, this marks a significant turning point in Dogecoin’s continuous development.
