Cryptocurrency markets are known for their ups and downs, as coins tend to soar to a high one day and plummet to their lowest values the next day.
This seems to be happening quite frequently where Dogecoin is concerned, which is the biggest meme token in terms of market cap.
In the last few months, DOGE has recorded significant price fluctuations and despite its recent highs, it appears that its investors might be losing hope in the canine-themed meme coin.
Elon Musk’s tweet
This happened after long-time DOGE supporter, Elon Musk tweeted recently that he was shifting his focus from cryptocurrency to Artificial Intelligence (AI).
It has delivered a major blow to the Dogecoin community, as the support of the Tesla CEO has vaulted the meme token to new heights of popularity.
Moreover, his recent tweet about interest in AI also sparked speculation that the tech billionaire could actually be taking an interest in RenQ Finance.
There is speculation that Musk could be shifting his focus towards other cryptocurrencies and not just focus on DOGE, as he has previously done.
This is because of the potential that RenQ Finance has to offer, such as using blockchain-based assets for creating new asset classes.
The interest
It is well-known that innovative technologies have always caught the eye of the SpaceX CEO and he is always looking out for new investment opportunities.
The hybrid infrastructure model of RenQ Finance offers the benefits of both centralized and decentralized exchanges, which Musk could find appealing.
In addition, Musk could also be interested in its potential for a governance portal and cross-chain compatibility.
Competition
Even though RenQ Finance is a relatively new addition in the decentralized finance (DeFi) ecosystem, it is giving quite a lot of competition to other tokens.
There have been recent declines in the price of DOGE and the top meme coin has been facing a number of challenges.
In comparison, RenQ Finance seems to be recorded an upward trend in its price. Its native coin called RENQ has seen its price increase significantly in the last few weeks.
The first two stages of the coin’s presale saw more than $2 million worth of tokens sold.