dogecoin futures market to launch on Coinbase

FanEagle

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Quote from: Abiky on April 12, 2024, 08:24:45 AM

Exciting times ahead for Dogecoin and the "meme" coins industry. If Coinbase launched futures trading, does this mean Dogecoin will get its own spot ETF in the future? Sounds crazy, but I've learned that anything's possible in crypto land. If DOGE gets a spot ETF, then it would be treated as a serious currency/investment than a joke. I can imagine prices going all the way to the moon afterwards.

It seems like the opening of futures trading had a positive impact over BCH and LTC's market prices lately. Especially BCH which went from around $200 to nearly $700 per coin. Who knows if current DOGE holders are about to get rich soon? Cheesy

Honestly, this isn't going to help anyone but coinbase, I can guarantee that. Doge is already something silly and could be hyped like crazy, and to think that they are adding futures to it? That makes no sense.

By this logic, not that he needs any money at all, but Elon could simply just buy so many futures, incredible amount of puts, like keep getting them by hundreds of millions, and then tweet about it for a week, make insane return and get out. Does that make sense? I am not saying that's what we will see, I am just saying these things are possible with dogecoin because it is a meme project and a shitcoin. In the end, I am not putting my own money in so it doesn't matter to me, whoever wants to trade doge futures, they are on their own.

lixer

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Quote from: d5000 on April 12, 2024, 12:00:03 AM

The BCH and LTC futures were launched successfully on April 1 and are already happily trading. I wondered of course what had happened to the DOGE futures and if they had to drop them.

But fortunately Coinbase yesterday issued an official statement, clarifying that the Dogecoin futures are coming "later this month". They also announced that the contract will be sized 5000 DOGE (around $800), which is in the same order of magnitude than the LTC and BCH contracts (5 LTC -> ~$500, 1 BCH -> ~$600).

Perhaps they wanted to avoid to launch DOGE futures on April 1 to avoid the association with a "prank"? On the other hand, as I mentioned before, for Doge it's the first financial product (I believe not only in the US but worldwide, I've researched a bit and in the German subforum I've made a list of those I found) outside of top altcoin basket products, so perhaps there's more preparation work to do.

You might be right with what you said about them avoiding the prank calls but they should not worry about that because for sure people won't treat it like that, as they are already known to list these types of coins and tokens even before and as we can see, they are making this plan a reality because of that statement they released recently about DOGE and not only that but their proposed sized contract for it is also much higher compared to LTC and BCH when in fact they are more serious and much better coins.

Apart from them, those DOGE lovers are for sure prepared for this. This is an exciting and fresh update for them that they will surely like.

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Meme coins have less excitement. Coinbase plans to introduce futures contracts for the cryptocurrency exchange Meme Cryptocurrency Dogecoin but I wonder if the SEC objects to classifying these as commodity futures vs security futures. All of these are derived from Bitcoin so it will be difficult to claim these securities once the Bitcoin ETF is approved.

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Quote from: Abiky on April 12, 2024, 08:24:45 AM

Exciting times ahead for Dogecoin and the "meme" coins industry. If Coinbase launched futures trading, does this mean Dogecoin will get its own spot ETF in the future? Sounds crazy, but I've learned that anything's possible in crypto land.

Sounds crazy and maybe it really is. It might be possible but I don’t think it will be for a very long time. I like doge but I think they want to keep their credibility intact which means they won’t just throw away all etf approvals.

Quote

If DOGE gets a spot ETF, then it would be treated as a serious currency/investment than a joke. I can imagine prices going all the way to the moon afterwards.

Memecoins will definitely have a larger avenue to play in. It will create a huge change in the community.

Abiky

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Quote from: d5000 on April 12, 2024, 12:00:03 AM

The BCH and LTC futures were launched successfully on April 1 and are already happily trading. I wondered of course what had happened to the DOGE futures and if they had to drop them.

But fortunately Coinbase yesterday issued an official statement, clarifying that the Dogecoin futures are coming "later this month". They also announced that the contract will be sized 5000 DOGE (around $800), which is in the same order of magnitude than the LTC and BCH contracts (5 LTC -> ~$500, 1 BCH -> ~$600).

Perhaps they wanted to avoid to launch DOGE futures on April 1 to avoid the association with a "prank"? On the other hand, as I mentioned before, for Doge it's the first financial product (I believe not only in the US but worldwide, I've researched a bit and in the German subforum I've made a list of those I found) outside of top altcoin basket products, so perhaps there's more preparation work to do.

Exciting times ahead for Dogecoin and the "meme" coins industry. If Coinbase launched futures trading, does this mean Dogecoin will get its own spot ETF in the future? Sounds crazy, but I've learned that anything's possible in crypto land. If DOGE gets a spot ETF, then it would be treated as a serious currency/investment than a joke. I can imagine prices going all the way to the moon afterwards.

It seems like the opening of futures trading had a positive impact over BCH and LTC's market prices lately. Especially BCH which went from around $200 to nearly $700 per coin. Who knows if current DOGE holders are about to get rich soon? Cheesy

AVE5

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Quote from: Sophokles on March 22, 2024, 04:10:48 PM

Dogecoin now has its own blockchain and its not only a meme coin anymore. On top lf that elon is going to introduce some utility with it in tesla. Not sure how popular it will be or he has plan to use it in X financial hub as well but this makes doge more than mem coin. So the future contract in coinbase for doge coin is a positive news for the doge community.

I've always counted the Dogecoin in the criteria of the MemeCoins due to its liquidity. But haven't being known that it has settled on its own blockchain, that's a much potential solidity to have the censorship of the MemeCoins.
While Coinbase and Elon is also to have such alignment with the Dogecoin, that'd definitely enhance a wide spread of the coin. Maybe I could have confidence investing on it thereafter.
I also hope it all doesn't boils to that of Op's April fool as we're over 1st of April and no rumour of such yet or is it that I've been the one not being updated to the system as much as I'm concerned?

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Quote from: electronicash on March 21, 2024, 12:55:00 PM

Crypto exchange Coinbase has announced plans to launch futures trading for Dogecoin, Litecoin and Bitcoin Cash as soon as April 1.
https://cointelegraph.com/news/coinbase-crypto-exchange-launch-dogecoin-litecoin-bitcoin-cash-futures-april

could just be a great April Fools prank?
along with the Dogecoin futures are Litecoin and Bitcoin Cash. coinbase will launch these derivatives even without CFTC's prior approval. to da moon!

Thanks for sharing this good news about Dogecoin.I have been following Dogecoin since 2017 when its price was few cents, it was used for tipping and small transaction due to its low fees and quick transaction speed.. I think it is not similar to other meme coins which are generally used for speculative trading. Doge coin came in lime light when it gained attention from notable figure like Elon Musk who is considering it to use it for his businesses as method of payment. This suggest that Dogecoin could have promising future ahead beyond just its meme origins.

d5000

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The BCH and LTC futures were launched successfully on April 1 and are already happily trading. I wondered of course what had happened to the DOGE futures and if they had to drop them.

But fortunately Coinbase yesterday issued an official statement, clarifying that the Dogecoin futures are coming "later this month". They also announced that the contract will be sized 5000 DOGE (around $800), which is in the same order of magnitude than the LTC and BCH contracts (5 LTC -> ~$500, 1 BCH -> ~$600).

Perhaps they wanted to avoid to launch DOGE futures on April 1 to avoid the association with a "prank"? On the other hand, as I mentioned before, for Doge it's the first financial product (I believe not only in the US but worldwide, I've researched a bit and in the German subforum I've made a list of those I found) outside of top altcoin basket products, so perhaps there's more preparation work to do.

Abiky

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Quote from: electronicash on March 21, 2024, 12:55:00 PM

Crypto exchange Coinbase has announced plans to launch futures trading for Dogecoin, Litecoin and Bitcoin Cash as soon as April 1.
https://cointelegraph.com/news/coinbase-crypto-exchange-launch-dogecoin-litecoin-bitcoin-cash-futures-april

could just be a great April Fools prank?
along with the Dogecoin futures are Litecoin and Bitcoin Cash. coinbase will launch these derivatives even without CFTC's prior approval. to da moon!

This is huge. It could spark higher demand for the aforementioned crypto assets. I'm surprised DOGE was included in the list, especially when it's a "meme" coin. This is indicative of people taking Dogecoin more seriously. Perhaps, this will trigger a massive "pump" on market prices leading DOGE all the way to $1.

I don't think Coinbase's announcement is an "April Fool's joke", when it was done way before April 1st. If Dogecoin futures turn out to be a huge success, maybe we'll see a Dogecoin spot ETF in the future? In crypto land, anything's possible. It wouldn't hurt buying a few DOGE just in case. As long as you don't invest more than what you can't afford to lose, there should be nothing to worry about.

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Quote from: Sophokles on March 22, 2024, 04:10:48 PM

Dogecoin now has its own blockchain and its not only a meme coin anymore. On top lf that elon is going to introduce some utility with it in tesla. Not sure how popular it will be or he has plan to use it in X financial hub as well but this makes doge more than mem coin. So the future contract in coinbase for doge coin is a positive news for the doge community.

The future of the market is presentable and doing the unlocking phase. There are many projects in the market and the one abandon project sticks to rise again among others, it's not going to be easy but down time, everything shoots to the moon. Elon Musk have a hand in the pumps and dumps of Dogecoin over these past years and he's not relenting but channeling more energy to enable the project becomes promising in the market. He's a whale and he's capable, never relenting but achieving the major targets in the system.

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Coinbase must be feeling like they want to be sued by the SEC for listing futures markets on unregistered securities again. Dogecoin isn’t going away, it has a hugely loyal community. I don’t think it’s wise for Coinbase to go this way though, especially as they are suppliers & custodians to the Spot Bitcoin ETFs. They become more mainstream & legit in one way but then lean the other way by offering questionable assets elsewhere.

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Dogecoin now has its own blockchain and its not only a meme coin anymore. On top lf that elon is going to introduce some utility with it in tesla. Not sure how popular it will be or he has plan to use it in X financial hub as well but this makes doge more than mem coin. So the future contract in coinbase for doge coin is a positive news for the doge community.

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Quote from: electronicash on March 21, 2024, 12:55:00 PM

could just be a great April Fools prank?

This doesn't sounds like an April Fool prank because they might have got things ready in background and now they just need to launch those derivates.

Like other exchange Coinbase also wants to available so many derivative options to their users and April 1st seems to be a good date for those derivatives.

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Quote from: mk4 on March 22, 2024, 05:36:44 AM

Quote from: MAAManda on March 22, 2024, 05:22:56 AM

My attention is drawn to the launch date, why does it have to be April 1? shouldn't they have other dates for launch? therefore, I thought that this was just a prank they planned, but would it be a prank with all kinds of CFTC files attached?

I mean, it's the first day of next month. I don't think we should be looking to deep into it.

That's what I'm doing now, LOL.

Quote from: mk4 on March 22, 2024, 05:36:44 AM

Quote from: MAAManda on March 22, 2024, 05:22:56 AM

April fools or not, what's certain is that Dogecoin (DOGE), Litecoin (LTC) and Bitcoin Cash (BCH) are getting tremendous attention with all of this. But, why are the prices of these coins not flying until now even though they're getting positive press?

Because spot DOGE and BCH has been listed on Coinbase since forever already? This listing is just for futures — whereas DOGE and BCH futures have been available on like a dozen other decent avenues.

Makes sense, it doesn't elevate anything since it's no longer big news, but I think it at least makes the trend in those coins better by at least 1% - 5%. In reality it didn't elevate anything and just news that was a possible plan for april fools.

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Yeah I was also thinking the same but then I heard from a friend of mine that it was approved by CFTCS later on I'm not sure.If that's the case then it's not an April fool thing it could possibly trade well. As we know that these three coins have a good trading volume and Coinbase will also be benefited by the trading fees. On the other hand due to recent acceptance of the doge coin by Elon Musk for Tesla's payment open doors of another milestone for doge coin.

Doge coin seems to be very much in demand and its popularity is increasing day by day through different strategies. So it could be a good point for investment. Doge could be called father if meme coins as it was first coin gives idea to project launcher to make a coins without any usecase.

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Quote from: d5000 on March 21, 2024, 08:29:53 PM

This does not look like an April Fools prank. They announced the futures not only for DOGE but also for LTC and BCH. Et voilà ... see the CFTC website:

It seems thus they're already approved by the CFTC, or at least there are no objections. For DOGE it's perhaps a bigger milestone as for the other two coins, because there are already some regulated LTC financial products (in the US and in Europe), and there's also a BCH Trust on Grayscale.

it's verified and it's not just these 3 coins too. took them so long though since binance had it for a long time. but it would be good to have their CFTC approve it and coinbase is the most popular in US. i think more people will not look at doge as a joke anymore and probably the next thing to look forward to is the ETFs of these coins.

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Quote from: MAAManda on March 22, 2024, 05:22:56 AM

My attention is drawn to the launch date, why does it have to be April 1? shouldn't they have other dates for launch? therefore, I thought that this was just a prank they planned, but would it be a prank with all kinds of CFTC files attached?

I mean, it's the first day of next month. I don't think we should be looking to deep into it.

Quote from: MAAManda on March 22, 2024, 05:22:56 AM

April fools or not, what's certain is that Dogecoin (DOGE), Litecoin (LTC) and Bitcoin Cash (BCH) are getting tremendous attention with all of this. But, why are the prices of these coins not flying until now even though they're getting positive press?

Because spot DOGE and BCH has been listed on Coinbase since forever already? This listing is just for futures — whereas DOGE and BCH futures have been available on like a dozen other decent avenues.

MAAManda

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My attention is drawn to the launch date, why does it have to be April 1? shouldn't they have other dates for launch? therefore, I thought that this was just a prank they planned, but would it be a prank with all kinds of CFTC files attached?

April fools or not, what's certain is that Dogecoin (DOGE), Litecoin (LTC) and Bitcoin Cash (BCH) are getting tremendous attention with all of this. But, why are the prices of these coins not flying until now even though they're getting positive press?

mk4

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What's so bad about it? Despite how utterly crappy some coins are, some traders will be happy to trade them. Not to mention that people who think that these coins will drop can short them if they wanted to. It's not a spot market, it's a futures one so it's basically for traders.

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Quote from: d5000 on March 21, 2024, 08:29:53 PM

This does not look like an April Fools prank. They announced the futures not only for DOGE but also for LTC and BCH. Et voilà ... see the CFTC website:

It seems thus they're already approved by the CFTC, or at least there are no objections. For DOGE it's perhaps a bigger milestone as for the other two coins, because there are already some regulated LTC financial products (in the US and in Europe), and there's also a BCH Trust on Grayscale.

I also thought why a reputed exchange like Coinbase will indulge in April fool prank. You cleared my doubt by providing the necessary documents to this thread. I guess we might see a small rally on these three coins before the launch. As an announcement by Coinbase about a cryptocurrency does create a rally. I don't know whether a future listing will do the same.

Topic: dogecoin futures market to launch on Coinbase (Read 243 times)