Dog-themed cryptocurrency Dogecoin (DOGE) has surged by 17%, showcasing an epic bounceback that has the crypto community and investors wagging with excitement.
After two consecutive days of declines, Dogecoin staged an impressive comeback, surging by 17% in a single day.
At the time of writing, DOGE was trading at $0.16, up 16.30% in the last 24 hours. This surge represents a substantial increase from its recent lows and signals renewed optimism among traders.
This resurgence comes amid a broader recovery on the cryptocurrency market, with Bitcoin reclaiming the $68,000 mark once more.
Crypto markets surged, with Bitcoin (BTC) reaching $68,000 as U.S. Federal Reserve Chair Jerome Powell struck a dovish tone as the central bank reaffirmed its forecast for three rate cuts this year despite higher-than-expected inflation data.
Over the past week, digital asset prices have fallen sharply, with BTC losing substantial ground. Dogecoin also plummeted, reaching a low of $0.122 on March 20 before dramatically rebounding.
Dogecoin continued to rise in early Wednesday trading, reaching intraday highs of $0.1578.
Likely reasons for Dogecoin
The resurgence of Dogecoin can be attributed to several factors. First, the broader cryptocurrency market is experiencing a period of recovery, with Bitcoin and major dog coins posting gains. This bullish sentiment has spilled over to DOGE, providing it with the momentum needed to push it higher.
Coinbase has filed certifications to establish U.S.-regulated futures for Dogecoin, Litecoin and Bitcoin Cash, which are expected to go live on April 1.
Coinbase Derivatives revealed plans to introduce cash-settled futures contract products for Dogecoin, Litecoin and Bitcoin Cash in three separate letters to the U.S. Commodity Futures Trading Commission (CFTC) on March 7.
It is noteworthy that the letters stated that Coinbase derivatives could list futures contracts on its platform without gaining official CFTC approval.
