Last week, cryptocurrency exchange Gemini announced it would be listing Dogecoin (CCC:DOGE-USD) for custody and trading as “the people’s cryptocurrency” climbed above 50 cents. Now the exchange has announced support for Dogecoin on its Gemini Earn platform, where traders can receive interest on deposited cryptocurrencies.
Gemini Earn is offering traders a 2.25% annual percentage yield on Dogecoin deposits with daily compounded interest. Gemini Earn supports 32 different cryptos, compared with Gemini’s wider roster of 51 cryptos for trading and/or custody, and has no fees or minimum balances. Investors can redeem their crypto at any time.
DOGE-USD has fallen back to earth since the past weekend’s Saturday Night Live appearance by Elon Musk, but the weekend update was made a bit sweeter by Gemini offering free Dogecoin trading through Wednesday, May 12. Both Gemini and trading app Robinhood experienced outages and delays on Saturday night due to a high volume of investors presumably looking to trade DOGE-USD.
While the coin has retreated from last week’s highs, high-profile supporters like Mark Cuban have previously made longer-term bull cases for DOGE-USD, suggesting there could still be room for the canine crypto to climb up the price charts again.
Dogecoin is currently trading around 45 cents.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.