Dogecoin Futures will not be launched by CME Group
The CME Group has refuted claims that it has made plans to launch Dogecoin futures. This comes after a tweet was posted claiming that the firm will launch Dogecoin futures products.
CME Group, a trading platform based in Chicago, stated that they did not plan to launch Dogecoin futures. They have confirmed this amidst rumors on a tweet stating that the firm was launching these products. The tweet was posted in an account that gives out breaking news regarding the crypto market.
CHICAGO MERCANTILE EXCHANGE SAID TO LAUNCH DOGECOIN FUTURES
— First Squawk (@FirstSquawk) April 18, 2021
Executives and people familiar with this firm have stated that Dogecoin futures products were not being launched by the firm. Even though the CME Group has not offered any official statement, people close to the company have confirmed that they would have already informed its customers if such plans were underway.
CME Group Futures products
The CME Group offers an exchange platform where investors can access various investment products, including futures and options. In 2017, this firm launched Bitcoin futures that have been doing exceptionally well based on the growing trend of Bitcoin in recent years.
With Bitcoin futures, investors can speculate the price of Bitcoin in the future and thus giving them an avenue to earn excellent returns.
Dogecoin’s Performance in the crypto market
Dogecoin was created in 2013 by Jackson Palmer and Billy Markus. They created this coin to create saturation for altcoins. The invention of Dogecoin was not professional at first, but it later grew to popularity and currently ranks among the top ten cryptocurrencies. One of Dogecoin’s features is that there is no limit to the supply of its coins in the market, which can cause inflation, and this reduces its market value.
Dogecoin is currently trading at above $0.35, a 20% growth in the last 24 hours. Currently, this coin ranks in sixth place among cryptocurrencies in terms of market capitalization. The market cap for Dogecoin currently stands at $45 billion. This is around 0.02% of the entire cryptocurrency market cap, which stands at above $2 trillion.
Cryptocurrencies have been on a growth curve since 2020, and Bitcoin has led the growth curve. The growth curve of digital currencies comes when institutions are starting to accept these assets as payments for merchandise. Besides, investment firms are opening up trust funds and pools where people can invest in crypto assets. While the future of crypto looks promising, firms are looking into more ways for them to attract revenues from this platform.