Dogecoin is becoming more popular every day and therefore also much more accessible. On May 4th, Gemini added support for Dogecoin to its platform. You can now fund Doge in your Gemini account. At the same time, the company announced that trading in the coin will start soon. Initially, the company plans to enable trading for USD pairs in the Active Trader applications.
They say Doge is a joke but it isn’t!
Dogecoin definitely started out as a joke, but it’s gotten more serious lately. Companies have started investing in it, accepting it as a currency, and speaking for it. Many analysts have said that Doge is a joke that shouldn’t be taken seriously, sitting on a market cap that proves more than General Motors and Ford. It also enjoys the network effect and the bigger it gets, the higher the price and the more people will use it.
Another great thing about Dogecoin is that it is easy to transfer with low network fees and has many uses too. Since the coin is inherently unlimited, miners will never run out of incentives to process transactions and they will continue to be rewarded. This makes the transactions consistently fast. The best thing about Dogecoin is that it’s a meme currency and that has led people to invest in it with little hope. And when things are done for fun, it usually has more impact.
Although there is a wide variety of Dogecoin available, with the rate at which Dogecoin is increasing in value, the currency has become disinflationary. According to the Dogecoin money supply information, 5 billion tokens are issued every year and this supply is constant. Over time, the 5 billion will make up a very small fraction of the total Dogecoin supply. This means that the unlimited supply of Doge that we read about and consider to be a problem won’t be a huge hassle going forward. So the future looks bright for Doge and we could see new price targets very soon.
What do you think about the future of Dogecoin? And do you think the currency like Gemini will be added to Coinbase too? Let us know in the comments below. If you found our content informative, like it and share it with your friends.
Also read: Dogecoin is up 50% in one day and makes an ATH of $ 0.697