The memecoin market is growing, forcing platforms to seriously consider them.
Coinbase announces the launch of Dogecoin (DOGE) futures, asserting that the cryptocurrency has evolved beyond its mere meme status.
This move could be a strategy to influence the SEC, especially with the inclusion of other cryptocurrencies like Litecoin (LTC) and Bitcoin Cash (BCH), all based on the same Proof of Work (PoW)* consensus as Bitcoin.
*PoW: Proof of work.
It is an algorithm used to achieve distributed consensus on the blockchain. This mechanism relies on the work done by miners to validate and secure transactions by solving complex mathematical problems.
The April 1 launch date appears to be intentional, perhaps to spark a reaction from the SEC, especially since it comes after the recent approval of spot Bitcoin ETFs.
Interestingly, this development comes as influential figures like Elon Musk continue to manipulate the prices of cryptocurrencies, including Dogecoin.
Additionally, the listing of the Wif token on Robinhood and Binance resulted in a temporary increase in its value. All of this highlights the rapid growth of the memecoin market, with players like Floki and Shiba becoming more and more of a fixture on reputable platforms like Binance.
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