This Little-Known OTC Stock Jumped 77% Today — Thanks To Dogecoin

What’s Moving: The shares of OTC-listed company AppSwarm Inc. SWRM jumped 77.6% in Thursday’s trading session at $0.014.

AppSwam is a software development company that focuses on making software platforms and mobile apps in sectors like gaming, consumer and retail, and niche business sectors.

Why Is It Moving? The surge seemed to come in the aftermath of AppSwarm announcing that it planned to deploy and host Dogecoin DOGE/USD nodes at its TulsaLabs facilities.

See Also: How To Buy Dogecoin (DOGE)

The company, citing block explorer Blockchair, noted that there are only 1,090 Dogecoin nodes worldwide and that its efforts would lend infrastructure to the meme cryptocurrency's blockchain.

The move will come via AppSwarm’s recently-established division DogeLabs, led by Tom Bustamante.

“As a firm focused on supporting the commercial possibilities around the Doge project, we plan to expand opportunities from applications, product integration, and potential mining operations if regulatory feasible,” Bustamante said in a statement, noting that having more Dogecoin nodes is essential for faster transactions and more stable blockchain.

DogeLabs earlier in the year launched a "Global Developer Initiative" to support efforts to build commercial apps on top of the Dogecoin blockchain.

Dogecoin Core developers recently released the 1.14.4 update in preparation for another update that would reduce transaction fees relating to the meme cryptocurrency, but are seemingly struggling to get more nodes to adopt the changes.

The core developers earlier on Twitter noted that there was a "new company" that was now offering devops services on Dogecoin but cautioned that the project didn't involve "any of the team maintaining Dogecoin Core."

Dogecoin traded 4.2% lower at $0.2899 at press time on Thursday.

Read Next: These Popular Technical Analysts See Further Upside To Dogecoin As It Crosses 30-Cent Level Again

Posted In: BlockchainBlockchain NodesdogecoinDogeLabsCryptocurrencyPenny StocksMarketsMoversTechTrading Ideas

Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month