The price of %Dogecoin (CRYPTO: $DOGE) has risen 18% in the past 24 hours as investor speculation in %MemeCoins reaches a fevered pitch.
Dogecoin is also getting a lift from news that %Cryptocurrency exchange %Coinbase (NASDAQ: $COIN) plans to offer DOGE, %Litecoin (CRYPTO: $LTC) and %BitcoinCash (CRYPTO: $BCH) futures starting on April 1 of this year.
Coinbase, which is the leading U.S. crypto exchange and known for its strict listing criteria, said in a regulatory filing that Dogecoin is beyond a “joke token” in the current investing environment.
“Dogecoin’s enduring popularity and the active community support suggest that it has transcended its origins as a meme to become a staple of the cryptocurrency world,” said Coinbase.
Some analysts and traders have taken to social media to speculate that the listing on Coinbase could pave the way for an eventual spot Dogecoin exchange-traded fund (ETF).
While talk of an ETF might be premature, there’s no denying the upsurge in Dogecoin’s price. Since the start of the year, the price of DOGE has risen 67% to $0.15 U.S. per token.
The rally in Dogecoin comes as other meme coins also rally higher. The price of %Pepecoin (CRYPTO: $PEPE) has increased more than 500% since the start of 2024.
Rising speculation in meme coins comes as the prices of larger cryptocurrencies such as %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH) pullback from their recent highs.
Meme coins are cryptocurrencies that feature cartoon images, were typically started as a joke, and have no functionality.
Dogecoin features the image of a cartoon dog and its creator says he launched the crypto in jest.
