Dogecoin has reached a significant milestone towards becoming more widely accepted. Coinbase Derivatives is set to introduce regulated futures for Dogecoin, Litecoin, and Bitcoin Cash, as confirmed in a communication to the CFTC. These new futures are scheduled to launch on April 1st.

The Dogecoin futures contract will be tied to the Market Vector Coinbase Dogecoin Benchmark Rate ("Index"), which monitors the price of Dogecoin on Coinbase. This index is overseen by the German Federal Financial Supervisory Authority ("BaFin"). It is important to highlight that Coinbase obtained its initial cryptocurrency license in June 2021.

Each futures contract will represent 5,000 DOGE, with a position limit of 20,000 DOG futures, equivalent to 100,000 DOGE, set by Coinbase. Currently, Dogecoin is trading at $0.15 on major spot exchanges, as per data from the CoinGecko platform.

Originally created by Billy Markus and Jackson Palmer in December 2013, Dogecoin quickly gained popularity due to its active community. The meme coin saw a surge in value in 2021, largely fueled by endorsements from notable figures like Elon Musk, the CEO of Tesla.

Coinbase, a leading US exchange, revealed its intention to launch a derivatives platform in May, with plans to offer institutional Bitcoin and Ethereum futures announced in June. By August, Coinbase had obtained regulatory approval to provide cryptocurrency futures to US investors.

Data from CoinGlass indicates that derivatives play a significant role in the daily trading volume of digital currency markets. This move by Coinbase Derivatives marks a significant step in the journey of Dogecoin towards mainstream acceptance and integration into the financial markets.