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.

狗狗币 (DOGE) 价格在过去 24 小时内飙升 15%，交易价格为 0.1543 美元，反映出整个加密货币市场的持续复苏。

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 价格的这种表现得到了基本面指标和链上指标的综合支持，包括不断增加的期货未平仓合约和鲸鱼活动。

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

今天我们来研究一下影响 DOGE 价格的因素。

Dogecoin price pumps after Coinbase news

Coinbase 消息传出后，狗狗币价格飙升

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).

有消息称，美国加密货币交易所 Coinbase 计划与莱特币 (LTC) 和比特币现金 (BCH) 一起推出 DOGE 期货交易，随后 DOGE 的价格开始上涨。

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 日致商品期货交易委员会 (CFTC) 的一封信中，Coinbase Derivatives 提交了每月现金结算的狗狗币期货合约提案。

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 秘书 Christopher Kirkpatrick 的信中，Coinbase 解释了合约的规模、合约的限制以及结算方法。

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，信中称，交易所可以根据CFTC第40.2(a)条规定上市DOGE期货合约，这使得交易所可以通过“自我认证”无需CFTC正式批准即可继续上市。

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.

信中解释说，“自我认证”途径允许 Coinbase Derivatives 在遵守 CFTC 监管指南的情况下列出 DOGE 期货合约。

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 上发布的帖子中证实了这一点，要求其用户留意这些合约何时可以在合作伙伴平台上进行交易。

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，正如彭博社分析师 James Seyffart 所言，鉴于美国证券交易委员会承认所有源自比特币的加密货币都是商品，这引发了有趣的监管问题。

Dogecoin open interest surpasses $1 billion

狗狗币未平仓合约超过 10 亿美元

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 在过去 24 小时内的表现也与期货未平仓合约 (OI) 的飙升相吻合。 Coinglass 的数据显示，DOGE 的 OI 在过去 24 小时内飙升了 27.5%。这一激增使得 OI 突破了 10 亿美元大关，截至本文发布时达到 11.7 亿美元。

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.

未平仓合约是指期权合约中未平仓头寸的数量。它可以深入了解资产的流动性、需求和价格变动。 DOGE 的 OI 增加反映了专业交易者对 memecoin 的兴趣，这对其价格有利。

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

相关：贝莱德在链上存入 1 亿美元 USDC 后收到 memecoin、NFT

Whale activity backs DOGE’s rally

鲸鱼活动支持 DOGE 的反弹

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.

在最近一次市场调整导致数十亿美元被清算后，DOGE 跌至 0.125 美元，目前每周下跌 10%。然而，鲸鱼交易量的上升标志着狗狗币的看涨信号。

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.

鲸鱼交易是指涉及转让价值 10 万美元或以上 DOGE 的大型交易。根据链上数据分析公司 IntoTheBlock 的数据，价值 10 万至 100 万美元之间的 DOGE 交易数量在过去 24 小时内增加了约 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.

同样，数据还显示，超过 100 万美元的 DOGE 交易数量在过去 30 天内增长了 600% 以上。

In a March 21 post on X IntoTheBlock said,

在 3 月 21 日 X IntoTheBlock 上的一篇帖子中说，

“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!”

“这不仅是一个巨大的增长，而且还标志着自 2021 年 5 月 DOGE 达到顶峰以来狗狗币百万富翁交易数量的最高纪录！”

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.

鲸鱼活动的增加表明了大型投资者对网络的信心，这一趋势似乎与目标模因币的市值价格同步变化。

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.

本文不包含投资建议或建议。每一项投资和交易行为都涉及风险，读者在做出决定时应自行研究。