Dogecoin is getting more popular every day, and with that, it is also getting much accessible. On 4th May, Gemini has added support for Dogecoin on their platform. One can now deposit Doge on their Gemini account. At the same time, the company has also announced that trading of the coin will start soon. Initially, the company plans to enable trading for USD pair on the Active trader applications.
They say Doge is a joke, but it’s not!
Dogecoin definitely started as a joke, but recently, it has gotten more serious. Companies have started to invest in it, accept it as currency and speak in favor of it. Many analysts said that Doge is a joke that is not to be seriously taken by its not and sitting at a market cap that more than General Motors and Ford proves that. It is also enjoying the network effect, and as it gets larger, the higher the price will go, and the more people will use it.
Another great thing about Dogecoin is that it’s easy to transfer with low network fees and has many applications too. Since the coin is unlimited in nature, the miners will never run out of incentives to process transactions and will keep getting rewards; this will make the transactions fast throughout. The best part about Dogecoin is that it is a meme currency, and that has made people invest in it without much hope. And when things are done for fun, it usually has more impact.
Even though there is a large supply of Dogecoin, the pace with which the value of Dogecoin is increasing, the currency has become disinflationary. As per the information on Dogecoin’s money supply, 5 billion tokens are issued every year, and that supply is constant. So, over time the 5 billion will represent a very small part of the total supply of Dogecoin. This means that the unlimited supply of Doge that we read about and consider an issue won’t be much of a hassle in the future. So, the future seems bright for Doge, and we could see new price targets very soon.
What are your thoughts on the future of Dogecoin? And do you think that the currency will also be added to Coinbase like Gemini? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.