Just days after the PancakeSwap community voted against a Dogecoin syrup pool, PancakeSwap has decided to launch a DOGE syrup pool to earn CAKE.
The company made the announcement of the DOGE pool on its Twitter page, heavy on exclamation marks:
”You can stake up to 1,000 $DOGE to earn $CAKE at an insane APR! Pool is live now! The DOGE-BNB farm is live too!”
It is possible that the viral reach of Dogecoin is what spurred PancakeSwap into creating the Doge pool despite initial community resistance. Another tweet from PancakeSwap’s Twitter account would seem to lend credence to the theory. The company said :
“If you’re on #TikTok, spread the word. $DOGE holders can literally earn free money by staking up to 1,000 DOGE on #PancakeSwap.It lasts for 13 more days. No strings, no acc needed etc. The longer you wait, the less free money you get.”
This would seem to indicate that the target market for the Doge syrup pool was new users such as from TikTok and other beginner crypto users. The company may intend to leverage Doge’s viral reach to onboard new users to the platform and DeFi.
Dogecoin is currently one of the highest profile and most popular cryptocurrencies, with a reach that goes far beyond the bulk of the crypto industry. Much of that success has been driven by Elon Musk, who continues to give the coin unlimited amounts of free publicity for purposes unknown. At the start of the month the billionaire owner of Tesla and SpaceX sent Dogecoin prices tumbling when he called the coin a ‘hustle’. Since then, Musk has sought to make amends with a plan to put a Dogecoin satellite in orbit around the moon.
Despite not voting for the Doge pool at the first time of asking, the Dogecoin syrup pool seems to have created some interest now it has arrived. The viral reach of Doge, in part fueled by Musk, makes the Shiba Inu inspired crypto the perfect entry point into DeFi for casual crypto holders. For this reason we may see more Doge pools from PancakeSwap and its competitors in the future