Two new ERC-20 tokens, pDOGE, and renDOGE, have come to the Ethereum network. Those in charge of developing the projects are pNetwork, OpenDAO, and Ren.
Dogecoin (DOGE) has recently gained a lot of popularity in the market, but that seems not to be enough. Two new tokens tied to the “meme coin”, called pDOGE and renDOGE, have come to the Ethereum network. Those two proposals also offer the opportunity to interact with decentralized finance (DeFi) platforms.
In early January, startup pNetwork announced the pDOGE project, which is pegged 1:1 with the DOGE price. Platforms such as Uniswap use the token to conduct decentralized transactions and have access to quick loans, among others.
The DeFi platform noted on Twitter that they “power the $DOGE<>$pDOGE bridge with open source code and live to witness. We call that the dawn of pNetwork as it brings a lot of transparency.” Even though they did not offer details about the audit process, Reddit user patricklodder said that “professional security firms” participated.
The etherscan.io service indicated that both pDOGE and renDOGE are ERC-20 tokens. There have already been around 74 transactions with the former on Uniswap, with 18 users did “hodl”.Concerning the latter, there have already been a total of about 2,355 transactions.
The OpenDAO and Ren organizations worked together on the development of the renDOGE proposal. They recently reported that people will be able to use the token once the audits are complete. renDOGE will serve as collateral to issue the DOGEO stablecoin, which will be pegged 1:1 with the US dollar.
“Dogecoin is no longer a meme currency but a viable financial instrument in its own right. We want to see what this will bring and we are happy that it gets into the hands of users,” stated OpenDAO and Ren.
DOGE Led the Cryptocurrency Market
Last month, the price of Dogecoin recorded significant growth and was able to reach a new all-time high. According to data from CoinGecko, the cryptocurrency reached an unprecedented price of USD 0.078175 per unit.
The following three factors, among others, drove the boom of DOGE. One of them is the frenzy that stemmed from the Reddit group WallStreetBets and the case of GameStop. Another consists of billionaire Elon Musk’s Twitter messages, which shot its price upward. Additionally, Twitter user @WSBChairman asked a question as to whether DOGE had ever been worth US 1 per unit.
The birth of tokens tied to the price of a third crypto asset is something that usually occurs in the cryptocurrency ecosystem. For example, that has happened to Bitcoin in the past. In September, the number of tokenized bitcoins on Ethereum already exceeded a total of 100,000 BTC. That figure has risen to around 160,000 BTC.
At the time of writing this article, DOGE is trading at USD 0.03581718 per unit. That represents a jump of 332.7% in the last seven days and around 1,193% in the last year, according to data from CoinGecko.
By Alexander Salazar
