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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.