Cryptocurrency exchange Gemini has added support for the meme-themed cryptocurrency dogecoin, which has risen in popularity and price in recent months.
The development means Gemini clients will now be able to trade and custody dogecoin with the exchange in all 50 U.S. states. Trading will first open on Gemini's API and active trader applications for USD. Then it will open on Gemini's mobile and web applications on a rolling basis for USD, GBP, EUR, CAD, AUD, HKD, and SGD pairs, said the exchange.
"Yes, it's a meme coin, but all money is a meme," said Gemini. "And all money is both an idea and a matter of faith or belief in it. Over the multi-milennia history of money, the majority of money (be it shells, beads, precious metals, etc.) has been what we the people say it is and believe it is."
As The Block reported recently, dogecoin is seeing signs of potential institutionalization. That means not only retail traders but even professional and institutional traders are executing dogecoin trades.
Dogecoin, a fork of litecoin, was originally created as a joke in 2013. Over the past year, dogecoin's price has surged more than 20,000% and it is now the fourth-largest cryptocurrency by market capitalization, according to CoinGecko.
One Dogecoin is currently priced at around $0.50 and its market capitalization is about $66 billion, per CoinGecko.