Derivatives marketplace, CME Group has no plans on launching a Dogecoin futures product. The confirmation comes following rumors of First Squawk tweeting that the trading platform is launching a futures product based on the Shiba-Inu meme-based cryptocurrency.
CME Group Is Not Launching Dogecoin Futures
On April 18, global financial news, First Squawk tweeted that the Chicago Mercantile Exchange Group is launching a futures trading product for Dogecoin.
Following the announcement, the crypto community on social media took up by the storm in anticipation of the release.
This however will no longer take into reality with several media publications confirming that the CME group as of yet has no plans on launching a Dogecoin futures product.
Several people familiar with the situation have confirmed that no such product is being launched, noting that CME would have updated them on such a product. The staff of CMR has also noted that CME has never updated them on such a product.
A transaction executive added on the matter:
“No one from CME had asked us about it. Usually, they give us a look.”
CME has been offering bitcoin futures since 2017.
Dogecoin Favorite Among Mainstream Celebrities
Analysts are noting the link between First Squawk’s misleading headline followed by the market’s crash this weekend and the series of futures liquidations.
The meme-based cryptocurrency boosted by the likes of popular celebrities such as Elon Musk and Mark Cuban has rallied to more than 110% on Friday before dropping by 26% on Saturday, according to CoinMarketCap.com.
It now has a market value of more than $46 billion and is still up 13,400% from a year ago.
Cryptocurrency has recently emerged as one of the favorites among celebrities, tech leaders, influencers, music industry moguls among others. The cryptocurrency appears to be one of the social media’s favorite topics as it has been mostly due to Musk’s continuous tweets about it.
The rise in its value is mainly attributed to its funny chatter around it.