renDOGE (RENDOGE), a one-for-one representation of Dogecoin (DOGE) on Ethereum’s (ETH) blockchain — soared to an all-time high of nearly $0.46 on Monday.
What Happened: At press time, RENDOGE traded 8.96% higher at $0.42, while ETH traded 9.38% higher at $3,300.75.
DOGE touched all-time highs on Monday night, touching nearly the $0.45 level thanks to Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s upcoming “Saturday Night Live” appearance. The Shiba Inu-themed cryptocurrency traded 10.93% higher at $0.42 at press time.
See Also: How to Buy Dogecoin (DOGE)
ETH also rose to a new all-time high of $3,450.04 on Monday evening.
Why It Matters: Ren, an open protocol, that claims to enable the movement of value between blockchains, launched renDOGE in January.
The Open Ren Doge decentralized application or dApp allows people to mint and burn DOGE on Ethereum. The Chief Operating Officer of Ren, Michael Burgess, said about the development at the time, ”Dogecoin is no longer a meme coin; it is now a viable financial instrument in its own right.”
RenVM is a decentralized custodian where you can deposit btc or doge and mint renDOGE or renBTC on smartcontract blockchains like Ethereum and binance smart chain. Then doge can access defi
— renDOGE (@renD0GE) April 16, 2021
DeFi or Decentralized Finance linked coins, projects and the entire arena have been gaining traction of late. PanCakeSwap (CAKE) and Binance Coin (BNB) are some other cryptocurrencies that have soared lately amid the frenzy.