Dogecoin's "single-day skyrocketing 10 times" hit a record high,

[Cordillerabit]

Recently, the Reddit forum WallStreetBets (hereinafter referred to as WSB), which boosted GameStop's share price, once again pushed Dogecoin to the forefront of public opinion. Yesterday (28) the WSB Chairman posted a "What is Dogecoin?" Tweet, which pushed up the price of Dogecoin. Although many people jumped out and said that the Twitter user does not represent WSB, Dogecoin is After a brief decline, it skyrocketed again by about 400%; in addition, FTX also upgraded the listing of GME equity tokens and launched the WSB index quarterly contract.

 After Tesla CEO’s favorite Dogecoin (DOGE) was questioned yesterday by Twitter user "WSB Chairman" as not representing WSB, Dogecoin fell from a maximum of US$0.015 to a minimum of US$0.01. However, the chairman of WSB has 677,000 followers on Twitter, and the effect of public opinion has been formed.

 Not only the WSB chairman, but the trend of pushing up the price of Dogecoin also hit the Reddit forum "SatoshiStreetBets", and Dogecoin then skyrocketed again, breaking a record high. According to CoinMarketCap data, after the skyrocketing Dogecoin, its market value reached US$4.87 billion, making it the thirteenth cryptocurrency by market value.

However, the rise of Dogecoin may not be a meme or a WSB effect.

 DeFi's new venture Ren cooperates with OpenDAO to allow users to mortgage Dogecoin (DOGE) to generate renDOGE on Ethereum, and use this as a collateral to generate USD stablecoin "DOGEO", which in addition to giving Dogecoin a real purpose In addition, at the same time, the "asset utilization efficiency" of Dogecoin has also greatly increased.

 Not only that, the FTX exchange also took advantage of the opportunity to launch the WSB index quarterly contract, the index content includes Dogecoin. According to data from the FTX exchange, after a single-day surge of 402% yesterday, Dogecoin has risen again by about 10% today. Before the deadline, the price of Dogecoin was $0.0429.

Source: Bityard