Hello Pal International Inc HLLPF said Thursday its website suffered a “temporary outage due to server overload” after it announced the partial purchase of a Dogecoin DOGE/USD mining facility.
What Happened: Hello Pal said its website experienced a surge of traffic over 1000%, which caused a temporary outage but its apps, particularly the flagship Hello Pal app, were not affected despite also experiencing heightened traffic.
“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 and Chairman of Hello Pal.
The Vancouver, Canada-based provider of live streaming, language learning, and social-crypto platforms said it was buying a 15% interest in a dedicated DOGE and Litecoin LTC/USD mining facility.
DOGE traded 1.05% higher at $0.056 at press time, while LTC traded 4.95% higher at $207.30.
The Shiba Inu-themed cryptocurrency has soared 1,081.36% since the year began, while LTC has risen 67.86%.
In comparison, Bitcoin BTC/USD has risen 95.65%. The apex cryptocurrency traded 2.62% higher at $56,911.98 at press time.
Why It Matters: Hello Pal said it expects to play a “significant role” in the DOGE/LTC communities.
The company said it was acquiring an initial 51% of at least 12,500 mining rigs dedicated to mining the two cryptocurrencies with options to increase interest in the acquisitions.
Hello Pal claimed that the facility is believed to be the largest DOGE/LTC mining facility in the world and has the ability to house 90,000 mining rigs with a capacity of 70MW.
The mining rigs in the facility are believed to make up for 3-5% of the DOGE/LTC hash rate in the world.
Despite the exuberance shown by the joke cryptocurrency and the support by enthusiasts such as Mark Cuban and Tesla Inc TSLA CEO Elon Musk, some experts are doubtful that DOGE could hit the $1 mark.
Price Action: Hello Pal OTC shares closed 8.92% lower at $1.43 on Thursday.
Read Next: Doge To The Moon? Mark Cuban Says $1 'Will Definitely' Happen If Mavericks Fans Keep Rolling
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
