- Dogecoin’s price has risen dramatically since Coinbase announced its recent news.
- The token’s popularity grew but sentiment decreased.
From the start of March Dogecoin [DOGE] Has seen an increase in volatility, and it has experienced massive corrections. Dogecoin bulls have some reason to hope after recent developments.
High Hopes
Coinbase revealed recently its intentions to introduce a Dogecoin Futures Trading Service. Smart contracts allow individuals to protect themselves against possible fluctuations in future asset values.
These contracts stipulate that assets are bought and sold at predetermined rates on certain dates.
Coinbase’s plans for this initiative were communicated to the US Commodity Futures Trading Commission via written correspondence.
These letters outline the strategy of the exchange for futures contracts that feature a cash settlement mechanism.
Coinbase expressed to the CFTC that DOGE was of great interest to them, pointing to its popularity and community support. This shows that Dogecoin has evolved from its origins as a meme to a major part of the crypto ecosystem.
This caused the DOGE price to surge by 15,79% over the past 24 hours. The price of DOGE could test $0.1930 and possibly even retest $0.200 if the rally momentum continues.
The DOGE price could rise to levels not seen since the year 2021 if it falls below $0.200.
Similarly, DOGE’s Chaikin money flow (CMF), which measures the amount of cash flowing into and out of a currency in a given period, was 0.17. Dogecoin has a CMF value 0.17, which indicates recent strong buying pressure compared to the selling pressure.
It could also indicate a bullish mood among investors and traders.
There’s trouble on the social scene
In addition to the increase in DOGE prices, there was also an increase in the number of DOGE dealers. This suggests that new DOGE addresses are accumulating the currency.
The social volume surrounding DOGE has also increased, suggesting that conversations around DOGE have grown on the various social media platforms.
Even though DOGE’s sentiment remained negative, despite increased social media activity and Coinbase’s endorsement.
The number of positive comments was outnumbered by the negative ones. This increase in negativity could be a hindrance to DOGE’s price growth.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com