Benzinga | May 4, 2021 02:52PM EDT

Cryptocurrency Exchange Gemini OKs Trading In High-Flying Dogecoin

Dogecoin's (CRYPTO: DOGE) mainstream appeal is increasing, as seen with the acceptance of the cryptocurrency as a payment option by several companies.

Cryptocurrency exchange Gemini has become the latest company to join the Dogecoin phenomenon.

What Happened: Gemini, a regulated crypto exchange, wallet and custodian, will provide trading and custody support for Dogecoin, the exchange's co-founder and CEO Tyler Winklevoss said in a post.

Winklewoss said deposits are now open for Doge, with trading to begin shortly.

Trading will initially open on Gemini's API/FIX and Active Trader applications against the U.S. dollar followed by its mobile and web applications on a rolling basis for currencies, including the U.S. dollar, British pound, euro and Canadian, Australian, Hong Kong and Singaporean dollars.

Related Link: How to Buy Dogecoin (DOGE)

Along with Doge, Gemini now offers over 40 cryptocurrencies for trading and custody and another 11 for custody.

"Dogecoin is the people's money. It's organic, irreverent, and fun. It's not forced on us by a government or some other central authority, it's chosen by us, for us -- by the people, for the people. Wow," Winklevoss said in the statement.

Why It's Important: Doge kicked into high gear Tuesday, partly in anticipation of Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk mentioning it when he hosts the "Saturday Night Live" show May 8.

In anticipation of run-up, retail investors are bulking up on the meme currency.

At last check, Doge was rallying 33.43% to 54 cents, off the intraday high of 60.6 cents.

Related Link: Dogecoin Just Jumped A Fence And Has Room To Run

Photo courtesy of Gemini.