Yerevan (CoinChapter.com) — Dogecoin (DOGE), the prominent meme-coin, maintains its bullish bias and is trading for $0.37 on Monday (a 27% rise from Saturday stats).
The latest spike comes from an unsubstantiated rumor from Sunday: of Chicago Mercantile Exchange Group (CME) launching a DOGE futures product. Despite the official denial of the rumor hours later, the price maintains its ascent.
Dogecoin is a community-driven cryptocurrency that is known to have a high dependence on social media and community promotion. On Sunday this tweet got a lot of attention, which led to a spike in DOGE price.
The same message circulated Twitter, surfacing in other accounts as well:
DOGE launch on the Chicago-based trading venue would have meant a major step forward for the joke cryptocurrency. When CME launched Bitcoin futures back in 2017, it resulted in more mainstream exposure for Bitcoin, especially among institutional investors who wanted to trade Bitcoin without holding it.
CME, a global market derivative marketplace, is also preparing to launch Micro Bitcoin futures on May 3rd, which promises to propel the flagship cryptocurrency’s popularity among retail investors and traders.
Understandably, many Dogecoin proponents hoped that CME might do the same for their Shiba Inu crypto.
As a result, a hype — quite typical to DOGE — caused its price to ascend from $0.29 on Saturday to $0.34 on Sunday, achieving a 17% rise in 24 hours. However, CME has since denied the rumor, clarifying that it was a hoax.
Despite the rumor not having merit, the price of the meme cryptocurrency maintains its bullish bias. DOGE still managed to rise by 8% so far into the Monday session.
Dogecoin started merely as a joke tweet in 2013 but has since gained an authentic following and a whopping market cap of $49 billion, according to CoinMarketCap.com. It has grown 455% during the past week — since April 12. This unprecedented bullish rally is partially due to DOGE’s avid supporters on social media.
The eccentric billionaire Elon Musk and the owner of NBA’s Dallas Mavericks Mark Cuban are among the most notable Doge proponents. Their tweets have further fueled the Doge price more than once in the past.
As a result, Dogecoin is continuing to grow in value and market cap, leaving competitors to bite the dust.
But such rumors, not so wow!
Photo by Josh Leong on Unsplash
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