During the increased activity in the crypto market, the price of one of the most significant meme coins, Dogecoin (DOGE), suddenly rose more than 8%, making it the leading cryptocurrency in terms of growth over the past 24 hours.
DOGE's surge allowed it to surpass Cardano token (ADA) in market capitalization and propelled it to the eighth position in the ranking of the most popular cryptocurrencies, U.today reported.
Dogecoin's rally came amid the recent announcement by the Coinbase Derivatives Exchange that it will soon list Dogecoin, Litecoin, and Bitcoin Cash futures after several filings with the US CFTC.
The crypto community felt that the launch of trading futures contracts on the said tokens demonstrates their acceptance and integration of meme tokens into traditional financial markets. It is unknown whether the CFTC's potential approval of Dogecoin futures will trigger sustained growth for DOGE, but it will mark an important milestone in Dogecoin's development in the cryptocurrency environment.
At the time of writing, DOGE was trading at $0.1763, up over 20% for the week.
Dogecoin's rally confirmed crypto experts' predictions about the token's inevitable bullish trend in April amid regulatory approvals. April has historically been a successful month for Dogecoin: previous years have seen significant price movements at this time.
That said, the community is discussing possible deviations from the usual four-year cycle, drawing analogies with deviations in the trend of the Bitcoin movement after the launch of spot Bitcoin ETFs.
The evolving dynamics of the cryptocurrency market confirm the likelihood of significant gains in assets, including DOGE, in the coming month. However, even Dogecoin's high capitalization and the increasing number of long-term holders of the asset who invested in long-term positions during past periods of Dogecoin's ATH growth retain the risks of the opposite scenario, so it is important to keep an eye on the changing situation.
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