Dogecoin Surges as Ethereum-Compatible Dogechain Gains Pace


Share this article

Dogechain is an Ethereum-compatible smart contract network built using Polygon Edge. 

Dogechain Gains Momentum 

Crypto’s original dog coin is back in vogue. 

According to CoinGecko data, Dogecoin’s DOGE token is up 11.6% today, trading around $0.085 at press time. It briefly hit $0.088 before cooling off. The surge comes despite a downturn in Bitcoin, Ethereum, and the broader cryptocurrency market. 

The biggest factor behind the rally is likely the growing momentum surrounding Dogechain. Marketed as a “Layer 2 for Dogecoin,” Dogechain is an Ethereum-compatible smart contract network developed using the Polygon Edge framework. Users need to bridge DOGE onto the network to access its applications, which has created buying pressure as momentum surrounding its launch builds. When users successfully move DOGE onto Dogechain, they receive a wrapped version of the token called wDOGE. 

Dogechain went live earlier this month but has gained increasing attention from the market over the past few days. Many prominent traders have taken to Twitter to comment on the network’s rapid growth today. 

Bridging to dogechain, likely going to lose it all. Wish me luck.

— Bagsy (@Bagsy) August 16, 2022

As the network now hosts several Uniswap-style automated market makers such as DogeSwap and DogeShrek, users can freely list tokens and trade between them if they are holding wrapped DOGE in their wallets. The project’s website also claims that the network will host NFTs and games. According to data from DEX Screener, Dogechain has seen $15 million of volume in the past 24 hours. 

Dogecoin was one of the standout performers of the 2021 bull run, rising from fractions of a cent to $0.73 at its all-time high. Among its most vocal supporters was Elon Musk, who famously used Twitter to endorse the early cryptocurrency on multiple occasions. However, Dogecoin collapsed alongside other dog-themed coins amid a period of market mania in May 2021 and failed to reclaim its highs. Even after the renewed interest in the project, it’s still about 88% down from its peak. 

Disclosure: At the time of writing, the author of this piece owned ETH, MATIC, and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



Source

Recommended For You

About the Author:

Leave a Reply

Your email address will not be published.

PHP Code Snippets Powered By : XYZScripts.com