Can DeFi boost Dogecoin’s price? In the wake of THORchain’s successful listing, Dogecoin is now available for purchase. On an unregulated decentralized exchange. As indicated by the fact that the listing has been successful. Market participants have been working on this for quite some time (DEX).
THORChain has announced the inclusion of support for Dogecoin to its cross-chain liquidity network. Making it possible for the cryptocurrency to engage. In decentralized finance for the first time (DeFi).
As a result of the adoption of THORchain. It is anticipated that the first-ever DeFi protocol connection. To the meme token blockchain network will be established. Allowing users to exchange DOGE for a wide range of cryptocurrencies. Including Bitcoin, ERC-20 tokens, BSC tokens, LTC native tokens, stablecoins. And a variety of other cryptocurrencies.
The Dog Enters the can Defi Race
Due to the integration, users will be able to access and exit the market.Without having to comply with Know Your Customer (KYC) regulations. Hence boosting the asset’s level of autonomy. A bonus feature is the development of a liquidity pool for DOGE. Which allows the asset’s liquidity providers to earn interest on their deposits through trading fees.
As with other liquidity providers on THORChain, depositors have the option. To take advantage of temporary loss protection. That is based on the length of time that each deposit has been held.
A new permissionless DOGE liquidity pool, which will be open to all participants. Is likely to be established as a result of the non-custodial offering. Providing additional yield farming prospects for larger investors. Looking to harvest higher returns from their stacks.
Furthermore, according to the company’s spokespeople, the DeFi initiative. Is expected to strengthen the memecoin’s position as a store of wealth. As well as a medium of exchange. Dogecoin has previously been a bystander. In the development of the DeFi ecosystem. But with this integration, the blockchain thrust to the forefront of the DeFi ecosystem. Thereby stimulating growth across the board.
After everything said and done, major market developments such as Tesla. Accepting Dogecoin in exchange for its products. Have mostly failed to move spot prices in the intended direction over the last few weeks.
Where’s Price Headed?
Dogecoin’s current price is $0.1647, which is only a hair above. The lower support level of $0.145, indicating that the cryptocurrency. Is now in a bear market, according to the cryptocurrency’s price chart.
Elon Musk, the CEO of Tesla, cracked a joke about Christopher Nolan’s film Interstellar. Causing the cryptocurrency’s price to jump by more than 2 percent. Reaching an intraday high of $0.167. The film Interstellar, directed by Christopher Nolan, alluded to in the joke. And it in fact made by Nolan. As indicated by the facts, it appears that this resulted. In an increase in the value of the currency in question.
The fact that Musk’s efforts to raise the price of DOGE have largely failed. In recent months also evidenced by the fact. That there has also no discernible growth in the cryptocurrency’s value at the time of writing. The DeFi project of the United States Department of Energy. On the other hand, has the potential to incentivize network expansion and. As a result, price increases in the long run.