Dogecoin (DOGE) price has soared by 15% over the last 24 hours to trade at $0.1543, reflecting the ongoing recovery across the wider crypto market.

狗狗幣 (DOGE) 價格在過去 24 小時內飆升 15%，交易價格為 0.1543 美元，反映出整個加密貨幣市場的持續復甦。

This performance in DOGE price is backed by a mix of fundamental and on-chain metrics, including increasing futures open interest and whale activity.

DOGE 價格的這種表現得到了基本面指標和鏈上指標的綜合支持，包括不斷增加的期貨未平倉合約和鯨魚活動。

Let’s investigate the factors driving DOGE’s price today.

今天我們來研究一下影響 DOGE 價格的因素。

Dogecoin price pumps after Coinbase news

Coinbase 消息傳出後，狗狗幣價格飆升

DOGE’s price started rallying after news emerged that Coinbase, a U.S.-based cryptocurrency exchange, was planning to introduce futures trading for DOGE alongside Litecoin (LTC) and Bitcoin Cash (BCH).

有消息稱，美國加密貨幣交易所 Coinbase 計劃與萊特幣 (LTC) 和比特幣現金 (BCH) 一起推出 DOGE 期貨交易，隨後 DOGE 的價格開始上漲。

In a March 7 letter to the Commodity Futures Trading Commission (CFTC), Coinbase Derivatives submitted its proposal for a monthly cash-settled futures contract for Dogecoin.

在 3 月 7 日致商品期貨交易委員會 (CFTC) 的一封信中，Coinbase Derivatives 提交了每月現金結算的狗狗幣期貨合約提案。

In the letter addressed to CFTC Secretary Christopher Kirkpatrick, Coinbase explains the size of the contract, the stricture of the contract and methods of settlement.

在致 CFTC 秘書 Christopher Kirkpatrick 的信中，Coinbase 解釋了合約的規模、合約的限制以及結算方法。

A noteworthy point is the letter said that the exchange could list the DOGE futures contract under CFTC Regulation 40.2(a), which allows it to proceed with the listing without any official approval from the CFTC through “self-certification.”

值得注意的是，信中稱，交易所可以根據CFTC第40.2(a)條規定上市DOGE期貨合約，這使得交易所可以透過「自我認證」無需CFTC正式批准即可繼續上市。

The letter explained that the “self-certification” route allows Coinbase Derivatives to list the DOGE futures contract as long as it adheres to the CFTC regulatory guidelines.

信中解釋說，「自我認證」途徑允許 Coinbase Derivatives 在遵守 CFTC 監管指南的情況下列出 DOGE 期貨合約。

Coinbase confirmed this in a March 21 post on X, asking its users to be on the lookout for when these contracts will be available for trade on partner platforms.

Coinbase 在 3 月 21 日在 X 上發布的貼文中證實了這一點，要求其用戶留意這些合約何時可以在合作夥伴平台上進行交易。

This, however, raises interesting regulatory questions, given that the U.S. Securities and Exchange Commission recognizes all cryptocurrencies stemming from Bitcoin as commodities, as opined by Bloomberg analyst James Seyffart.

然而，正如彭博分析師 James Seyffart 所言，鑑於美國證券交易委員會承認所有源自比特幣的加密貨幣都是商品，這引發了有趣的監管問題。

Dogecoin open interest surpasses $1 billion

狗狗幣未平倉合約超過 10 億美元

DOGE’s performance over the last 24 hours also coincides with a spike in futures open interest (OI). Data from Coinglass shows that OI in DOGE has surged by 27.5% over the last 24 hours. This surge has seen the OI cross the $1 billion mark to rest at $1.17 billion at the time of publication.

DOGE 在過去 24 小時內的表現也與期貨未平倉合約 (OI) 的飆升相吻合。 Coinglass 的數據顯示，DOGE 的 OI 在過去 24 小時內飆升了 27.5%。這一激增使得 OI 突破了 10 億美元大關，截至本文發佈時達到 11.7 億美元。

Open interest refers to the number of open positions in options contracts. It gives insights into the liquidity, demand and price movements of an asset. The increase in DOGE’s OI reflects the interest pro traders have in the memecoin, which is positive for its price.

未平倉合約是指選擇權合約中未平倉部位的數量。它可以深入了解資產的流動性、需求和價格變動。 DOGE 的 OI 增加反映了專業交易者對 memecoin 的興趣，這對其價格有利。

Related: BlackRock receives memecoins, NFTs after depositing $100M USDC onchain

相關：貝萊德在鏈上存入 1 億美元 USDC 後收到 memecoin、NFT

Whale activity backs DOGE’s rally

鯨魚活動支持 DOGE 的反彈

After the latest marketwide correction that saw billions of dollars liquidated, DOGE sank as low as $0.125 and is currently 10% down on the weekly timeframe. However, the uptick in whale transaction volume marks a bullish signal for Dogecoin.

在最近一次市場調整導致數十億美元被清算後，DOGE 跌至 0.125 美元，目前每週下跌 10%。然而，鯨魚交易量的上升標誌著狗狗幣的看漲訊號。

Whale transactions are large transactions that involve the transfer of $100,000 or more worth of DOGE. According to on-chain data analytics firm IntoTheBlock, the number of DOGE transactions worth between $100,000 and $1 million has increased by approximately 92% over the past 24 hours.

鯨魚交易是指涉及轉讓價值 10 萬美元或以上 DOGE 的大型交易。根據鏈上數據分析公司 IntoTheBlock 的數據，價值 10 萬至 100 萬美元之間的 DOGE 交易數量在過去 24 小時內增加了約 92%。

Similarly, the data also shows that the number of DOGE transactions larger than $1 million has increased by more than 600% in the last 30 days.

同樣，數據還顯示，超過 100 萬美元的 DOGE 交易數量在過去 30 天內增加了 600% 以上。

In a March 21 post on X IntoTheBlock said,

在 3 月 21 日 X IntoTheBlock 上的一篇貼文中說，

“This is not only a massive increase, but it also marks the highest number of Dogecoin millionaire transactions since the $DOGE top in May of 2021!”

「這不僅是一個巨大的增長，而且還標誌著自 2021 年 5 月 DOGE 達到頂峰以來狗狗幣百萬富翁交易數量的最高紀錄！”

This increase in whale activity shows the confidence large investors have in the network, a trend that appears to move in tandem with the price of the target memecoin by market capitalization.

鯨魚活動的增加顯示了大型投資者對網路的信心，這一趨勢似乎與目標模因幣的市值價格同步變化。

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

本文不包含投資建議或建議。每一項投資和交易行為都涉及風險，讀者在做決定時應自行研究。