Gemini Announces Customers Can Now Trade Dogecoin Says Meme Token Is “Not A Joke” | Currency News | Financial and business news
Dogecoin was started as a joke in 2013.
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Gemini cryptocurrency exchange said its client will be able to start trading Dogecoin starting Tuesday, joining 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 admitted that Dogecoin is a meme coin, but that money works like a meme too.
“Throughout the millennia-old history of money, the bulk of 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 to one coin in April as the meme-based asset’s popularity skyrocketed.
Dogecoin has seen a rapid rally this year, thanks in part to well-known supporters like Elon Musk, Mark Cuban, rapper Snoop Dogg and Kiss member Gene Simmons.
But some, like billionaire and 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 be selling Dogecoin now that it’s up to 42 cents. But there are plenty of uneducated investors out there who are feeling the energy of this moment and wanting to take part in it.”
On Tuesday, Dogecoin jumped to a new all-time high of over $ 0.58, rising more than 19,200% over the past year and 760% in the last 30 days. It boasts a market capitalization of $ 70 billion as of Tuesday, making it the fourth largest cryptocurrency after Bitcoin, Ether and Binance Coin, according to CoinGecko.
Continue reading: Ex-Ark analyst James Wang crashes his bull case for Ethereum as his token breaks an all-time high of $ 3,300 – explaining why it could eventually hit $ 40,000
While the Dogecoin protocol issues a fixed amount of 5 billion tokens each year, Winklevoss said that this fixed and annual issue will make up a much smaller percentage of Dogecoin total money supply.
“In other words, Dogecoin money supply is disinflationary,” said Winklevoss, comparing it to Ether. “Lately, the demand for Dogecoin has exceeded supply. As a result, the price has come down.”
The Shiba Inu-themed token has also benefited from huge government incentives and during the COVID-19 crisis, as well as pandemic-ridden boredom among retail investors.
“The momentum in online forums has sparked a flurry of investment as people aim to pump Doge to the $ 1 price point,” said Ben Weiss, CEO of CoinFlip, which added Dogecoin to its network in March recorded.
But Weiss added, “Big players and corporations are unlikely to buy and manipulate the market or understand that it could be a viable currency.”