Since joining the crypto space’s ever-expanding family, Dogechain (DC), a recently introduced cryptocurrency, has seen tremendous gains. In just two weeks, the trade volume on the Dogechain tops $50 million, and the price soars to $0.0045 before correcting.
In addition, the Dogechain blockchain aims to boost the value of Dogecoin. The price of the layer 2 digital asset is currently $0.001433. In the last 24 hours, it has climbed by 18.5%. Its weekly, biweekly, and monthly growth rates are also extraordinary, expanding by 176.8% in the last seven days and 141.3% in the last two weeks.
With a market capitalization of over $43 million, Dogechain has gained by 79% month to date. The new cryptocurrency’s trade volume soared to more than $50 million in just two weeks. However, as of this writing, the volume of Dogechain had fallen to $33.7 million.
This raised the digital asset’s value to $0.0045. This was short-lived, however, as a market correction erased the virtual currency’s gains. The altcoin may be exchanged on 20 different market sites, with Gate.io and Kucoin accounting for over 40% of all cryptocurrency exchanges.
However, while Dogechain is functioning well in terms of price pump, the EVM-compatible layer 2 blockchain token’s ultimate purpose is to augment meme cryptocurrency Dogecoin.
Despite the fact that the asset is called “doge,” it is important to emphasize that it is not a branch of the Dogecoin project and is not based on the DOGE network.
Dogechain’s major goal is to improve the usability of Dogecoin. By encasing their DOGE assets in smart contracts, DOGE holders can benefit from the improved functionality given by this network.
Once this is accomplished, the wrapped DOGE (wDOGE) will be returned to the owners. Users will be able to purchase DeFi goods as well as Dogecoin-powered NFTs with this new and improved token. DOGE expects that the Dogechain blockchain will help it realize its goal of being at the heart of the Decentralized Finance (DeFi) ecosystem.
The “OG” (“original gangster”) meme-based digital token, which is the tenth-ranked cryptocurrency in terms of market value, requires such a boost as it continues to struggle to launch bull momentum.
It was trading at $0.595 at press time, with Coincodex expecting a decrease to $0.0546 in the next five days. The coin is anticipated to fall to $0.0367 in the next 30 days.
Dogecoin is a cryptocurrency that was created as a “joke” in response to the rampant speculation in cryptocurrencies at the time by software programmers Billy Markus and Jackson Palmer. It is widely considered the first “meme coin” and “dog coin.” Despite its amusement, some regard it as having genuine profit potential.
The Shiba Inu dog from the “doge” meme inspired the Dogecoin logo and name. It debuted on December 6, 2013, and quickly built its own online community before attaining a market capitalization of more than $85 billion on May 5, 2021. It’s the current jersey sponsor of Watford Football Club.
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