Winklevoss’ Gemini Exchange Launched DOGE Savings Program

Winklevoss’ Gemini exchange launched a doge savings program while the coin’s market crashed over the weekend so let’s read more in our latest Dogecoin news today.

Gemini allows Doge investors to earn an interest of 2.25% APY on their holdings and the interested is generated daily and then added to the initial investment, being available in Singapore and the US. The Winklevoss’ Gemini exchange launched the DOGE savings and interest-bearing program in February and it is open to customers in the US and Singapore. The interest is generated every day and will be added to the initial investment compounding the number of coins held.

You can now earn 2.25% APY on $DOGE with #GeminiEarn!

Along with this exciting addition, Gemini customers are now collectively earning interest on more than $2 billion in loans originated through Gemini Earn. Much wow. https://t.co/l1l52Kp2Nl

— Gemini (@Gemini) May 9, 2021

Dogecoin invested via Gemini Earn isn’t locked so the investors can withdraw crypto at any time. There are no minimum doge requirements and Gemini doesn’t charge fees for depositing or withdrawing crypto from Gemini Earn. The exchange also added Sushi, INK, Polygon and supports another 28 cryptocurrencies including bitcoin and Ethereum. A statement from the company read:

“[Dogecoin] continues Bitcoin’s tradition of giving the control of money back to the people.”

Gemini listed Dogecoin on the exchange on Monday or two days after Elon Musk confirmed that he will reference Dogecoin on Saturday Night Live. The SNL show aired and ended up tanking the price of the meme coin. The price went from $0.69 to $0.49 in one hour and climbed up again before going on a downward course. It is now trading for $0.47 but it is still 18% higher since this time a week ago.

As recently reported, Digital Currency Group CEO Barry Silbert announced that the Grayscale parent company opened up a $1 million short position on Dogecoin and bet on the token’s decline. To open a short position, Silbert used a margin token called DOGEBAR on the crypto derivatives exchange FTX.
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As per the description, this is an ERC20 token that seeks a return that will correspond with 3 times the daily return of Dogecoin. In other words, the token will allow traders to open a short position with three times the leverage without using perpetual contracts or margin trading.

This means that If the DOGE price drops by 10%, DOGEBAR will grow by another 30% and these positions will unlikely get completely liquidated since the exchange automatically sells portions of assets used as collateral to preserve the users’ tokens. To fully liquidate the DOGEbar position, Doge’s price will need to surge by another 33% or more..