Shares of Hello Pal International Inc. (OTC:HLLPF) gained more than 10% on Thursday after the Canada-based company provided more details of its recent acquisition of Dogecoin (DOGE) miner Crypto Pal Technology Ltd.
What Happened: Hello Pal said its acquisition of a 51% stake in Crypto Pal for $3.5 million was based on Dogecoin at $0.055.
Hello Pal is a provider of live-streaming, social-crypto and language learning mobile apps. The company believes it is currently the sole listed issuer primarily focused on mining meme cryptocurrency Dogecoin, which it hailed as the “people’s coin.”
See Also: How to Buy Dogecoin (DOGE)
Crypto Pal currently has 12,500 mining rigs that are actively mining Dogecoin and Litecoin at different locations. The cost to mine Dogecoin and Litecoin (LTC) are significantly less than apex cryptocurrency Bitcoin (BTC), Hello Pal noted.
Hello Pal anticipates access to Dogecoin will accelerate the growth of its user base and livestream revenues. The firm said its platform is being updated to enable access to and use of cryptocurrency within the Hello Pal ecosystem.
Why It Matters: Created mainly as a joke in 2013, Dogecoin has shot to prominence this year, in major part due to endorsement from Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk. The meme cryptocurrency’s year-to-date gains are an impressive 6,903.3%.
Dogecoin has recently seen increased support from major corporations, including Conagra Brands Inc. (NYSE:CAG) and candy bar Snickers, which have used the joke cryptocurrency for marketing purposes. Ebang International Holdings Inc. (NASDAQ:EBON) announced in February it was launching a Litecoin and Dogecoin mining business.
The Shiba Inu-themed cryptocurrency is down 1.7% during the past 24 hours and trading at $0.3322 at press time.
Price Action: Hello Pal closed 10.5% higher in Thursday’s regular trading session at $1.10.