The crypto sector received another wave of upwards motion, following the short squeeze that GameStop experienced on traditional stock markets.
The New York Stock Exchange-listed GameStop recorded a 700% stock price increase in just four trading sessions, making it one of the fastest-growing stocks currently. Crypto traders, commonly referred to as “Satoshi Street” attempted to perform a similar price move with Dogecoin, boosting its price by over 50% as of press time.
DOGE spiked from a daily low of $0.007294 to trade at a yearly high of $0.01387. Shortly after the high DOGE’s price retreated slightly to its current trading levels of $0.01260, according to data from Cryptobrowser.io
Source: Cryptobrowser.io
DOGE’s community quickly responded to the price pump, with many users on Reddit commented about holding Dogecoin. Some users also made the assumption that DOGE’s price movements follow suit GameStop’s, calling the cryptocurrency “the crypto GME”
“Boys hold. Keep your DOGE on a leash”, Reddit users also noted.
However, the price pump may be not the only reason for DOGE’s uptrend. DeFi users now have the chance to own a tokenized version of DOGE, via the renDOGE, running on Ethereum’s blockchain.
Users can also mint DOGEO – a USD-backed stablecoin, while the USD is backed by DOGE. Renproject announced new products in a partnership with OpenDAO, which facilitate asset tokenization on Ethereum’s blockchain.
“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,” the announcement reads.
Meanwhile, other crypto assets like Bitcoin and Ethereum also managed to bounce amid GameStop and DOGE thrusting upwards. Bitcoin, for example, secured strong support of around $30,500 and recovered to $31,364.67 as of press time.
Despite the little to no price action, Bitcoin shows an increase in trading volumes that many experts consider being a bullish price indicator.
Ethereum also shows a recovery, consolidating around the $1,350 price point. Мost of the projects in the top 20 are back in the green, with cryptos like Chainlink, Uniswap and AAVE are up 6.6%, 7.5%, and 6.4%, respectively.