Coinbase, a popular cryptocurrency exchange, has announced its intention to launch futures trading products for Dogecoin. According to Coinbase, the decision to offer futures trading for Dogecoin is based on the cryptocurrency’s “enduring popularity,” which suggests that it has gone beyond its meme origins to become a staple in the cryptocurrency industry.

Dogecoin, which was initially created as a joke cryptocurrency, has seen a surge in popularity in recent months, thanks in part to endorsements from high-profile figures such as Elon Musk. The cryptocurrency has also gained traction as a means of tipping content creators on social media platforms such as Reddit and Twitter.

Coinbase’s move to offer futures trading for Dogecoin is a significant development for the cryptocurrency, as it will provide investors with another way to gain exposure to the asset. Futures trading allows traders to speculate on the price of an asset without actually owning it, making it a popular choice for investors looking to hedge their bets or take advantage of market volatility.

Overall, Coinbase’s decision to offer futures trading for Dogecoin is a testament to the cryptocurrency’s growing popularity and its increasing acceptance within the broader cryptocurrency industry.

On March 7, Coinbase Derivatives made an announcement to the United States Commodity Futures Trading Commission (CFTC) stating that they intend to introduce cash-settled futures contract products for Dogecoin, Litecoin and Bitcoin Cash.

This move is set to take place as early as April 1. Coinbase Derivatives is looking to expand its portfolio of cryptocurrency products and is eager to offer its customers access to more trading options. The company’s initiative is expected to further enhance the popularity of these digital currencies in the global market and provide more opportunities for traders to participate in the cryptocurrency market.