Dogecoin surges 20% amid expected futures trading, ETH approaches $3.7K

The last 24 hours have been a tumultuous time. We have seen significant declines and rapid recoveries, highlighting the unpredictable nature of cryptocurrencies. Bitcoin (BTC) and Ethereum (ETH) experienced sharp declines and were trading up to 15% above the previous day’s lows. The surge in BTC and ETH, up 11% in one day, has fueled growth in other major cryptocurrencies. In particular, Solana (SOL), Cardano (ADA), and BNB Chain (BNB) have increased in value by up to 8%, according to CoinGecko. The comprehensive cryptocurrency index, which reflects the broader cryptocurrency market, recorded an increase of 7.62%.

Layer 2 blockchain tokens built on Ethereum infrastructure led the market with an impressive 25% gain over the past day. Likewise, meme-based cryptocurrencies rose 16%, delivering mixed results across different segments of the market.

ups and downs

The initial decline in Asian markets early Wednesday was due to profit-taking activity following last week’s surge and the rapid liquidation of leveraged positions betting on higher prices. This caused the market’s overall market capitalization to decline by more than 15% over the course of a week. Concerns have been raised about Bitcoin’s potential downward trend, suggesting further declines are possible.

However, market sentiment changed this afternoon as it was interpreted as dovish thanks to a speech by U.S. Federal Reserve Chairman Jerome Powell. Despite expectations of rising inflation, the Federal Reserve maintained its forecast for three interest rate cuts this year. Singapore-based trading firm QCP Capital noted that the market rebound was primarily driven by spot trading, which indicates genuine demand as opposed to speculative futures trading. This observation is further supported by incoming data on BTC spot ETF flows.

Boasting a standout performance, Dogecoin (DOGE) is up 20% since its March 7 announcement on the popular cryptocurrency exchange. The filing, which received widespread attention on social media platform As a result, DOGE price is currently hovering above $0.15. On other established cryptocurrency exchanges Gate.io.

These developments have led to speculation about the potential of a Dogecoin-focused spot exchange-traded fund (ETF), especially given the exchange’s reputation for stringent listing standards and compliance with regulatory guidelines. That DOGE has moved beyond its origins as a “joke” token and is now generally accepted as a serious investment marks a significant shift in the perception of cryptocurrencies within the investment community.

History of DOGE

Dogecoin emerged in late 2013, born from the playful minds of Billy Markus and Jackson Palmer. They both felt that the cryptocurrency scene was too serious and lacking in fun. Palmer became the initial spokesperson for the Dogecoin.com website, while Markus worked as the sole developer to develop the first four versions of the cryptocurrency.

Dogecoin’s official launch on December 6, 2013 was inspired by the beloved Doge meme, featuring a Shiba Inu dog decorated with colorful Comic Sans text reflecting the dog’s inner thoughts. The meme originated from a 2010 snapshot of Kabosu, a female Japanese Shiba Inu adopted from an animal shelter by kindergarten teacher Atsuko Satō two years earlier.

Contrary to its creators’ expectations, Dogecoin quickly captured the hearts of Internet users, gaining significant attention on platforms such as Reddit where it was used as a tipping currency and continues to be used. Amazingly, Dogecoin surpassed Bitcoin in daily transactions just a few weeks after launch and attracted over a million visitors to its website within the first month.

By 2014, Markus and Palmer had stepped down from their roles and passed the torch to the Dogecoin core development team. This team, a close-knit, rotating group of key developers comprised of more than 40 contributors, has led the development of Dogecoin ever since.

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

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