Why is Dogecoin price up today?

Dogecoin (DOGE) price has soared by 15% over the last 24 hours to trade at $0.1543, reflecting the ongoing recovery across the wider crypto market.

DOGE/USD daily chart. Source: TradingView

This performance in DOGE price is backed by a mix of fundamental and on-chain metrics, including increasing futures open interest and whale activity.

Let’s investigate the factors driving DOGE’s price today.

Dogecoin price pumps after Coinbase news

DOGE’s price started rallying after news emerged that Coinbase, a U.S.-based cryptocurrency exchange, was planning to introduce futures trading for DOGE alongside Litecoin (LTC) and Bitcoin Cash (BCH).

In a March 7 letter to the Commodity Futures Trading Commission (CFTC), Coinbase Derivatives submitted its proposal for a monthly cash-settled futures contract for Dogecoin.

Coinbase’s proposal to DOGE futures listing. Source: CFTC

In the letter addressed to CFTC Secretary Christopher Kirkpatrick, Coinbase explains the size of the contract, the stricture of the contract and methods of settlement.

A noteworthy point is the letter said that the exchange could list the DOGE futures contract under CFTC Regulation 40.2(a), which allows it to proceed with the listing without any official approval from the CFTC through “self-certification.”

The letter explained that the “self-certification” route allows Coinbase Derivatives to list the DOGE futures contract as long as it adheres to the CFTC regulatory guidelines.

Coinbase confirmed this in a March 21 post on X, asking its users to be on the lookout for when these contracts will be available for trade on partner platforms.

Source: Coinbase Institutional

This, however, raises interesting regulatory questions, given that the U.S. Securities and Exchange Commission recognizes all cryptocurrencies stemming from Bitcoin as commodities, as opined by Bloomberg analyst James Seyffart.

Source: James Seyffart

Dogecoin open interest surpasses $1 billion

DOGE’s performance over the last 24 hours also coincides with a spike in futures open interest (OI). Data from Coinglass shows that OI in DOGE has surged by 27.5% over the last 24 hours….

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