FinTech News

Gemini Becomes Latest Crypto Platform to Support Dogecoin

A dog coin that started as a joke but has grown increasingly real has just received another booster as it rockets “to the moon.” This week, Gemini announced that it was adding Dogecoin to its trading platform, allowing customers to buy, sell, and hold the popular asset. Doge now joins the more than 40 cryptocurrencies that Gemini supports trading for. Another 11 token types can be held on the platform but not currently traded.

The arrival of Dogecoin on Gemini comes as the crypto asset has continued an unlikely rise. When the year began, Doge was trading for less than a penny. Currently, the coins are fetching 65¢ each, with enthusiasts hoping to push the price up above a dollar. Those fans include the likes of Elon Musk and Mark Cuban, who have both tweeted about Doge in recent weeks. Meanwhile, the growing popularity has inspired other platforms, such as WeBull to add support for Dogecoin trading — which, in turn, has helped its price to climb.

In a blog post announcing the addition, Gemini CEO Tyler Winklevoss defended the “memecoin,” writing, “Dogecoin is the perfect vehicle to lay bare this fundamental truth about money. And in serving this purpose, DOGE has a legitimate claim to some value. It reflects the true history and nature of money.” Winklevoss added, “It turns the idea of money being something that’s issued by an authority — a conceit — on its head. They say there’s some truth in every joke. Dogecoin’s value is its punchline.”

While Doge’s volatile rise in recent days has been something to behold, it isn’t the only crypto currently seeing big gains. Ethereum, which ranks behind Bitcoin as the second-largest cryptocurrency, reached new record highs, trading for as much as $3,400. In hitting this milestone, Ether’s market cap now exceeds those of major companies such as Disney, Bank of America, and Procter & Gamble.

As for Gemini, they’ve also been having a big year. In January, the firm acquired Blockrize while also announcing that it would launch a cryptocurrency rewards credit card. Last month, the company fleshed out those plans, revealing that the card would earn users as much as 3% back on purchase in the form of crypto and would carry no annual fee. A waitlist for the upcoming product is currently open and reportedly had more than 140,000 people on it as of April 27th.

Depending on who you ask, Dogecoin is either a flash in the pan joke or a meaningful money revolution. Either way, the cryptocurrency’s astounding gains have given it some credibility as it potentially makes its way up to $1 in value. While it’s unclear if Doge could eventually reach the likes of Bitcoin and Ethereum, if it continues to garner mainstream attention and is added to more trading platforms, it seems that anything is possible.