Gemini Lists Dogecoin, Sending Price to New Highs

Key Takeaways

  • Gemini has revealed that is listing Dogecoin for trading, and that the coin will be available beginning today,
  • The announcement has seen a significant number of investors rush to exchanges to buy some Dogecoin.
  • DOGE’s price has risen by more than 46% in the last few hours.

Gemini has joined the Dogecoin mania. The New York-based cryptocurrency exchange has revealed that it will add support for DOGE, sending the coin’s price to a new all-time high.

Dogecoin Skyrockets on Gemini Listing

In a blog post, Gemini announced that starting today, May 4, users will be able to deposit Dogecoin to their accounts. 

Trading against the U.S. dollar will begin on the platform’s API and active trader applications. Following a successful rollout, Gemini will open Dogecoin trading on mobile and web applications.

DOGE will also be tradeable against several other fiat currency trading pairs, including the British Pound, Euro, Canadian Dollar, Australian Dollar, Hong Kong Dollar, and Singapore Dollar.

Gemini justified its decision to list Dogecoin in light of its rapid rise and the possibility that it could lose value just as quickly.

“Yes, [Dogecoin] a meme coin, but all money is a meme. And all money is both an idea and a matter of faith or belief in it. Over the multi-millennia 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,” Gemini explained. 

Dogecoin will be listed alongside over other 40 cryptocurrencies that Gemini currently supports on its trading platform.

FOMO Kicks In

FOMO struck the market following Gemini’s announcement. Dogecoin’s market value has surged by more than 46% in the past few hours, rising from $0.42 to a new high above $0.61. 

Despite the impressive price action that Dogecoin has experienced over the past few hours, technicals spell trouble.

The Tom DeMark (TD) Sequential indicator currently presents sell signals in the form of green nine candlesticks on both the daily and 12-hour charts. The bearish formations forecast a one to four candlestick correction before the continuation of the uptrend. 

With this in mind, market participants should implement a robust risk management strategy when trading DOGE. Even though this altcoin may have more room to rise, insiders who bought in earlier are likely to take profits. The technicals strongly suggest this outcome.

Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article

click fraud detection