DogeCoin (DOGE) Price Surge Seems to Pull Off A GameStop event In Crypto
While the cryptocurrency market remains under huge pressure, one cryptocurrency that seems to pull-off massive gains is meme coin DOGE. The DogeCoin (DOGE) crypto that came into existence as a fund cryptocurrency has surged more than 70% on a single day with its price touching $0.012 levels.
Interestingly, this latest price surge resembles a lot of similarity with the massive pump of the video game streaming company GameStop (NYSE: GME) on Wall Street. Over the last few trading sessions a major drama has unfolded on Wall Street with the Reddit trader community named WallStreetBets pulled out a major shot squeeze pulling the price of the GME stock vertically upwards with over 800% gains in just five trading sessions.
The retail traders from this Reddit community has resolved to betting against the short calls taken by some of the biggest hedge funds, and they seem to be winning big time so far.
A similar attempt has happened in the crypto space as well! A Reddit community that goes by the name r/SatoshiStreetBets has gone to push the price of DOGE coin to new highs. This event holds strong similarity with the GameStop thing happening on Wall Street.
In another development, DogeCoin is now available to the DeFi users on Ethereum. renDOGE is a tokenised form of DOGE available on Ethereum. It means that users shall be able to mint a stable coin named DOGEO that is pegged 1:! With the U.S. Dollar.
This will allow DOGE holders to buy DeFi loans against their DOGE collateral and further spend their funds in the DeFi Ecosystem. This new feature was announced by DeFi project Ren in partnership with OpenDAO organization that works on tokenising various assets on Ethereum. Thus, renDOGE is an ERC-20 tokens using which users can month the DOGEO stablecoins.
The announcement reads: “If you’re a Dogecoin investor and long on the project, you can effectively take out a loan on your $DOGE, all made possible by OpenDAO. Once OpenDAO’s audits are complete, users will soon be able to put their renDOGE to work as collateral to mint a dollar-pegged stablecoin”.
This is not the first time that the price of DOGE is being pumped. Previously, Tesla CEO Elon Musk has openly backed the DogeCoin project following which its price had skyrocketed. As Ren points out in its blog post: “Dogecoin is no longer a meme coin; it is now a viable financial instrument in its own right.”