Gemini Announces Customers Can Now Trade Dogecoin Says Meme Token Is “No Joke” Currency News | Financial and business news
Dogecoin was started as a joke in 2013.
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Cryptocurrency exchange Gemini said its client could start trading Dogecoin starting Tuesday and joined a growing list of platforms showing support for the meme-inspired cryptocurrency, which was launched as a hoax in 2013.
“Dogecoin is people’s money,” said Tyler Winklevoss, CEO of Gemini, in a statement. “It’s organic, disrespectful, and fun.”
He said he recognized that Dogecoin is a meme coin, but that money works like a meme too.
“In the millennia of history of money, most of the money (be it shells, pearls, precious metals, etc.) has been what we, the people, say and believe,” he said.
Gemini’s move to add Dogecoin comes after the eToro trading platform added the Meme Cryptocurrency on Monday.
Gemini was founded in 2014 and offers over 40 cryptocurrencies for trading.
Other exchanges that allow Dogecoin trading are Kraken and Robinhood.
Robinhood cut its Dogecoin minimum order size from 10 coins to one coin in April as the meme-based asset’s popularity reached new heights.
Dogecoin has seen a rapid rally this year, thanks in part to well-known supporters such as Elon Musk, Mark Cuban, rapper Snoop Dogg and Kiss member Gene Simmons.
But some, like billionaire Bitcoin bull Mike Novogratz, don’t believe the hype.
“No, you shouldn’t buy Dogecoin,” he said in an interview with Earn Your Leisure in April. “You should probably sell Dogecoin now that it’s up to 42 cents. But there are plenty of illiterate investors out there who are feeling the energy of this moment and want to participate.”
As of Tuesday, Dogecoin hit a new all-time high above $ 0.58 and rose more than 19,200% over the past year and 760% in the last 30 days. According to CoinGecko, the company will have a market capitalization of $ 70 billion as of Tuesday, making it the fourth largest cryptocurrency after Bitcoin, Ether and Binance coins.
Continue reading: Ex-Ark analyst James Wang abandons his bull case for Ethereum as its token surpasses an all-time high of $ 3,300 – and explains why it could ultimately hit $ 40,000
While the Dogecoin protocol issues a fixed amount of 5 billion tokens each year, Winklevoss said that fixed and annual issue will make up a much smaller percentage of Dogecoin total money supply.
“In other words, Dogecoin money supply is not inflationary,” said Winklevoss, comparing it to ether. “Lately, the demand for Dogecoin has exceeded supply. As a result, the price has increased.”
The Shiba Inu token has also benefited from the tremendous stimulus from governments and during the COVID-19 crisis, as well as from the pandemic-ridden boredom among retail investors.
“The momentum in online forums has sparked a flurry of investment as people try to pump Doge up to $ 1,” said Ben Weiss, CEO of CoinFlip, who added Dogecoin to its network in March Has.
But Weiss added, “Large players and corporations are unlikely to buy and manipulate the market or understand that it could be a viable currency.”