The Dogecoin price pumped more than 40% in the last few hours wherein Satoshi Streets are attempting a similar move to GameStop stock (NYSE: GME) jumping more than 7x in just the last four trading sessions resulting in a massive short squeeze.
The DOGE price shot all the way up to $0.013. The event is quite similar to that on Wall Street as the latest price surge comes despite the overall market sentiment being negative. Also, the pump game is happening in an exactly similar way as it happened for GameStop through a Reddit community post.
A Reddit community r/SatoshiStreetBets has called users to pump the price of the joke cryptocurrency well, the DOGE coin has registered similar jumps in the past as well after business tycoon Elon Musk extended support for it.
Dogecoin Now Available for DeFi Users on Ethereum
While a short squeeze in DOGE could be one reason for the price pump, there’s another development happening for the joke cryptocurrency. renDOGE, a tokenized version of DOGE has been launched on the Ethereum blockchain network for DeFi users.
Users can mint DOGEO – a stablecoin backed by USD- using their own Dogecoins. DeFi project announced this new feature in collaboration with OpenDAO. OpenDAO facilitates the tokenization of various assets on the Ethereum blockchain network. The announcement by Ren 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.”
With this announcement, Ren noted that DOGE is no more just a joke/meme coin, it is “now a viable financial instrument in its own right.” Dogecoin already has sentimental advantage and is often part of Billionaire Elon Musk’s tweets. His tweets have often spiked interests and dogecoin price in recent few months.