Dogecoin Soars 20% Amid Anticipated Futures Trading, While ETH Approaches $3,7K

It
was
a
tumultuous
period
these
last
24
hours.
We
saw
significant
drops
followed
by
swift
recoveries,
highlighting
the
unpredictable
nature
of
cryptocurrencies.
Bitcoin
(BTC)
and
Ethereum
(ETH)
experienced
sharp
declines
before
rallying
to
trade
up
to
15%
higher
than
their
previous
day’s
lows.
The
surge
in
BTC
and
ETH,
which
saw
an
increase
of
11%
within
a
single
day,
propelled
the
growth
of
other
major
cryptocurrencies.
Notably,
Solana
(SOL),
Cardano
(ADA),
and
BNB
Chain
(BNB)
saw
their
values
increase
by
up
to
8%,
according
to
CoinGecko.
The
general
crypto
index,
reflecting
the
broader
cryptocurrency
market,
recorded
a
7.62%
uptick.

Layer-2
blockchain
tokens,
those
that
build
upon
Ethereum’s
infrastructure,
led
the
market
with
an
impressive
25%
rise
over
the
past
day.
Similarly,
meme-based
cryptocurrencies
enjoyed
a
16%
increase,
underscoring
the
diverse
performance
across
different
segments
of
the
market.

Ups
and
downs

The
initial
market
downturn
early
Wednesday
in
Asia
was
attributed
to
profit-taking
activities
following
the
previous
week’s
surge
and
a
rapid
unwinding
of
leveraged
positions
betting
on
higher
prices.
This
led
to
a
more
than
15%
reduction
in
the
market’s
overall
capitalization
over
the
week.
Concerns
were
raised
about
Bitcoin’s
potential
downward
trend,
suggesting
the
possibility
of
further
declines.

However,
the
market
sentiment
shifted
later
in
the
day,
buoyed
by
a
speech
from
Jerome
Powell,
Chair
of
the
U.S.
Federal
Reserve,
which
was
interpreted
as
dovish.
Despite
expectations
of
rising
inflation,
the
Fed
maintained
its
forecast
for
three
interest
rate
cuts
this
year.
QCP
Capital,
a
trading
firm
based
in
Singapore,
noted
that
the
market
rebound
was
primarily
driven
by
spot
trading,
indicating
genuine
demand
as
opposed
to
the
more
speculative
futures
trading.
This
observation
was
to
be
further
substantiated
by
incoming
data
on
BTC
spot
ETF
flows.

The
standout
performer,
Dogecoin
(DOGE),
saw
an
20%
increase
following
a
March
7
announcement
by
one
renowned
crypto
exchange.
The
filing,
which
gained
widespread
attention
on
social
media
platform
X,
outlined
the
platform’s
plans
to
introduce
futures
trading
for
DOGE,
Litecoin
(LTC),
and
Bitcoin
Cash
(BCH)
starting
April
1.
Resultantly,

DOGE
price
currently
hovers
above
$0.15

on
another
established
crypto
exchange


Gate.io.

This
development
led
to
speculation
about
the
potential
for
a
Dogecoin-focused
spot
exchange-traded
fund
(ETF),
especially
given
the
exchange’s
reputation
for
stringent
listing
standards
and
adherence
to
regulatory
guidelines.
The
general
acknowledgement
of
DOGE
as
a
serious
investment,
beyond
its
origins
as
a
“joke”
token,
markes
a
significant
shift
in
the
cryptocurrency’s
perception
within
the
investment
community.

The
history
of
DOGE

Dogecoin
emerged
in
late
2013,
birthed
from
the
playful
minds
of
Billy
Markus
and
Jackson
Palmer.
They
both
felt
that
the
cryptocurrency
scene
was
overly
serious
and
lacked
a
sense
of
amusement.
Palmer
was
responsible
for
setting
up
the
Dogecoin.com
website,
becoming
its
initial
spokesperson,
whereas
Markus
devoted
his
efforts
to
developing
the
first
four
versions
of
the
cryptocurrency
as
its
lone
developer.

The
official
release
of
Dogecoin
on
December
6,
2013,
drew
inspiration
from
the
beloved
Doge
meme,
featuring
a
Shiba
Inu
dog
adorned
with
colorful
Comic
Sans
text
reflecting
the
dog’s
supposed
inner
thoughts.
This
meme
originated
from
a
2010
snapshot
of
Kabosu,
a
female
Shiba
Inu
from
Japan,
who
had
been
adopted
by
Atsuko
Satō,
a
kindergarten
teacher,
from
an
animal
shelter
two
years
prior.

Contrary
to
its
creators’
expectations,
Dogecoin
captured
the
hearts
of
internet
users
rapidly,
achieving
significant
traction
on
platforms
like
Reddit
where
it
served—and
continues
to
serve—as
a
currency
for
tipping.
Remarkably,
Dogecoin
surpassed
Bitcoin
in
daily
transactions
mere
weeks
after
its
launch
and
attracted
over
a
million
visitors
to
its
website
within
its
first
month.

By
2014,
Markus
and
Palmer
had
stepped
away
from
their
roles,
passing
the
torch
to
the
Dogecoin
Core
Development
team.
This
team,
a
tight-knit
group
of
main
developers
backed
by
a
rotating
cast
of
over
40
contributors,
has
since
been
at
the
helm
of
Dogecoin’s
development.

Despite
its
humorous
beginnings,
Dogecoin
evolved
into
a
cryptocurrency
with
a
large,
enthusiastic
community.
This
community
is
known
not
only
for
its
welcoming
and
jovial
nature
but
also
for
rallying
around
numerous
philanthropic
and
benevolent
causes.