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Dogecoin is likely one of the top-performing cryptos in recent months as it has even outperformed its larger peers Bitcoin (BTC) and Ether (ETH) this year. Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, is giving investors the chance to earn even more from their idle DOGE tokens.
The Gemini app now allows the platform’s users to move their Dogecoin holdings into interest-bearing accounts with its Gemini Earn service, according to CNBC. Once it enters into the account, the customer’s idle Dogecoin balance will earn 2.25 percent APY (annual percentage yield).
Dogecoin’s inclusion into the Gemini Earn program started on Sunday, May 9, 2021. Gemini said that the interest on the client’s DOGE balance is earned and compounded daily.
The platform also assured that clients can redeem their DOGE tokens at any time. The Gemini Earn account for the crypto has no minimum balance requirements as well and the platform will not impose any fee every time the customer transfers to or redeems from Gemini Earn.
“We at Gemini believe that one of the most exciting things about cryptocurrency...is empowering the individual, and doge is a phenomenal example of that,” Gemini COO Noah Perlman said.
Doge has soared more than 25,000 percent in the past six months with year-to-date gains of 10,413 percent, according to Coindesk. For comparison, Bitcoin’s (BTC) posted year-to-date returns of 96 percent while Ether (ETH) posted year-to-date returns of 482 percent.
“The individual feels like doge is money? Then it is. We’re here to help individuals acquire it, store it, and spend it in a safe, secure way,” Perlman added.
Gemini users have been collectively earning interest on more than $2 billion in loans since Gemini Earn was launched in February. Platform users located in the U.S. and Singapore can earn up to 7.4 percent APY on the 32 cryptocurrencies supported by the service, which includes Bitcoin (BTC), Ether (ETH), and SushiSwap.
