Here’s Why Dogecoin Rallies 40%, Beating Cardano, Shiba Inu
In the last few days, Dogecoin (Doge) has emerged as a standout performer, taking the crypto trading community by storm as it knocked out Cardano to become the eighth most valuable crypto.
DOGE has surged from a low of about $0.125 on Wednesday to as high as $0.1746 in the last 24 hours. This trajectory amounts to a significant 39.68% gain, coming at a time when the market sentiment is mostly bearish.
Moreover, this shocking performance has further solidified Dogecoin’s leadership position in the meme coin landscape. While recording a 6.31% gain over the past day, its closest rival in the meme space, Shiba Inu, saw only a 3.18% gain.
Meanwhile, PEPE and Floki have witnessed price declines during the same period. DOGE’s unexpected performance has prompted inquiries into the factors influencing its bullish surge amid bearish sentiments.
On Thursday, the institutional arm of prominent U.S.-based exchange Coinbase disclosed that it secured regulatory approval to list the first leveraged contracts for three tokens, including Dogecoin.
This development comes two weeks after Coinbase filed with the U.S. Commodity Futures Trading Commission (CFTC) to introduce cash-settled futures for Dogecoin (DOGE), Litecoin, and Bitcoin Cash.
Following the CFTC approval, the Dogecoin-based leveraged contract will go live on April 1, seven days from now. Effectively, this strategic move from Coinbase has sparked optimism, particularly for Dogecoin, as it creates a further avenue for trading the meme coin.
Furthermore, in a recent statement, Tesla founder Elon Musk hinted that Dogecoin could be accepted as a payment option for Tesla cars.
Moreover, Elon Musk has previously endorsed the meme coin, among other tokens in the crypto sphere. The longstanding endorsement of Dogecoin by the world’s wealthiest individual has contributed to Dogecoin’s prominence in the crypto market over the years.
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