Gemini Crypto Exchange Lets Dogecoin Holders Earn 2.5% APY
Winklevoss-owned crypto exchange Gemini announced on Sunday that investors holding Dogecoin (CRYPTO: DOGE) could earn 2.5% APY through Gemini Earn.
What Happened: “With our trading and custody support for DOGE, we are the only regulated exchange in the U.S. where you can trade and earn interest on DOGE in all 50 states,” said Gemini.
Available to investors in the U.S and Singapore, daily interested generated on Dogecoin will be added to the amount held on the platform.
Investors would be able to withdraw and deposit their DOGE with relative ease, given that Gemini Earn doesn’t charge fees or require a minimum investment amount.
Why It Matters: The exchange only recently listed DOGE on its platform, adding that “Dogecoin is no joke.”
“Dogecoin continues Bitcoin’s tradition of giving the control of money back to the people. Yes, it’s a meme coin, but all money is a meme,” said Gemini CEO Tyler Winklevoss in a blog post.
Winklevoss also stated that recent demand for the cryptocurrency had outstripped its supply, resulting in its price reaching unprecedented highs. “The people are speaking,” he said.
In fact, if Google search volume is any indication of retail interest, then Winklevoss’s comments stand true as Dogecoin recently outpaced Bitcoin for the first time.
In absolute terms, Dogecoin recorded a higher level of interest than Bitcoin hitting a peak popularity of 100/100 while Bitcoin stood at 69/100 for the period between May 2 and May 8, 2021.
Price Action: Dogecoin regained support above $0.50 after a disappointing SNL weekend saw the cryptocurrency dip over 30% on Saturday.
At press time, the cryptocurrency was trading at $0.4487, down 23.75% in the past 24-hours.
Image: MazRx on Wikimedia Commons