Yes. You can plac all of your books on both Kindles. I have done this with my DXG and my K3. My Mom shares an account with me and has a fair number of books on her Kindle. Most books allow you to have 6 copies on various devices (Kindles, IPhone, K4PC, Android ect...)
You can read the books on both devices at the same time. If you are swapping between devices you can sync them so that you move to your current location on the Kindle.
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