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Canadian tech firm invests in dedicated Dogecoin mining facility

Dogecoin may have seen its all-time-high when Tesla billionaire Elon Musk promoted the cryptocurrency last month only to decline to its current level of 5 cents, but it’s not out of the running yet as it continues to find new adopters.

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Dogecoin may have seen its all-time-high when Tesla billionaire Elon Musk promoted the cryptocurrency last month only to decline to its current level of 5 cents, but it’s not out of the running yet as it continues to find new adopters.

The Canadian-based tech firm Hello Pal, which announced buying an initial 15% interest in a dedicated mining facility for Litecoin and Dogecoin, said Thursday that its website had become overloaded with traffic due to the announcement.

The company, which brands itself as a “live-streaming, language learning and social-crypto platform” on its press release, announced an acquisition of a mining facility dedicated to the two cryptocurrencies and a 51% stake of at least 12,500 mining rigs, reports Coindesk.

"The sharp increase in activity on our website and the Hello Pal app validates the clear position we have taken on dogecoin as well as on cryptocurrency in general," said KL Wong, founder of Hello Pal.

Despite a decline in interest to Dogecoin since its February spike, its memetic qualities, the rise of WallStreetBets, and conversations about blockchain-based technology have helped to propel other forms of cryptocurrency into the limelight.

On Wednesday, GameStop stock saw a resurgence due to efforts by investors on Reddit's WallStreetBets community who conducted a "mega squeeze" of the stock in their on-going war with Wall Street hedge funds.

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