Cryptocurrency news

Tokenized DogeCoin Launched on the Ethereum Blockchain

Tokenized DogeCoin Launched on the Ethereum Blockchain

The DogeCoin cryptocurrency was created as a joke, but it has been around for seven years. Now users of DeFi applications have access to it through the renDOGE token.

The DeFi Ren project, which produces tokenized versions of various cryptocurrencies on Ethereum, has launched the renDOGE token in partnership with OpenDAO. Now users of decentralized exchanges will be able to trade renDOGE in pairs with other tokens and take loans in them. In the near future, with the help of renDOGE, users will be able to issue a US dollar-backed DOGEO stablecoin.

“If you are an investor in DogeCoin, you can transfer your coins and take out a loan on the OpenDAO platform. After OpenDAO completes all the necessary audits, users will be able to use renDOGE as collateral for issuing stablecoins pegged to the US dollar,”
Ren said in a statement.

Attention to DogeCoin at the end of last year attracted
the famous American entrepreneur Elon Musk( Elon Mask), after which the exchange rate of the coin increased significantly. After the announcement of Ren, the DogeCoin exchange rate also showed a huge increase — in just a few hours, the cryptocurrency doubled. Now the exchange rate of the coin has slightly decreased.

“DogeCoin is no longer just a meme cryptocurrency, it is now a reliable, completely independent financial instrument,” Ren concludes.