Top Crypto News Today: DOGE Price Surges as Ethereum Compaitable Dogechain Network Grows Rapidly

Just like there are so many crypto projects getting an upgrade, for example, the Ethereum Merge, Cardano’s Vasil Hard Fork to name a few, infamous meme coins like Dogecoin and Shiba Inu are also taking a step ahead to better themselves for the new world! 

The so called ‘Layer 2’ of DogeCoin, Dogechain is here to set a path for DeFi, NFT, and Online Games!

In a nutshell, Dogechain lets users bridge over Dogecoin (DOGE) to tap into the world of DeFi services, along with the possibility of potential future NFT marketplaces and various decentralized apps, which may also include gaming applications!

The price of DOGE surged today, up by 11% over the past 24 hours! Much of the chatter around DOGE and its price right now is with regards to its so-called “layer-2 for Dogecoin” which is being called Dogechain. 

What is Dogechain?

Dogechain is not exactly a true layer-2 network of Dogecoin. That being said, it means that the Dogechain is not built on top of Dogecoin. Dogechain is rather a separate network that is based on Polygon Edge, which is a custom blockchain software from the house of Polygon and is one of the most popular Ethereum sidechains. The most interesting part is that Polygon Edge is compatible with the Ethereum Virtual Machine! This means that Polygon Edge can help run apps and games that are built for Ethereum.

As published in a Decrypt article, Dogecoin (DOGE) holders can bridge their holding over to Dogechain in order to receive Wrapped Dogecoin (wDOGE) in return and then use wDOGE on the new platform, i.e. Dogechain, to interact with DeFi apps, as well as potential future NFT marketplaces, dapps, and games! 

Though Dogechain is not an official project from the Dogecoin ecosystem, the Dogecoin Foundation retweeted a message earlier today. The tweet stating that it is not involved in Dogechain, nor are Jackson Palmer and Billy Markus the original founders of the coin. They also clarified that it’s also not related to a Dogecoin blockchain explorer that shares the name.

Claims in paid media that Dogecoin launched a “Dogechain” test network are false. Neither @Dogecoin/@dogecoin_devs, nor @BillyM2k, @ummjackson or others associated with @DogecoinFdn are in any way affiliated with the token.

— ⬢ Jens Wiechers ⬡ 🇺🇦 (he/they) (@jwiechers) August 16, 2022

The Decrypt news also stated that, ‘Dogechain is already up and running, letting users transfer over DOGE and interact with decentralized exchanges (DEXs) to buy new tokens minted on the chain. Dogecoin can also be used to pay gas fees on transactions on Dogechain, per the official website, which has the same goofy, meme-y vibes that are common among the Dogecoin community.’

Interesting News Post Dogechain Launch

According to the market tool, DEX Screener, a whopping $21 million worth of tokens have already been transacted on Dogechain over the last 24 hours. These transactions were led by DogeSwap; it was leading the charge with $16 million worth of transactions. The top tokens within the $21 million value included Doge Eat Doge (OMNOM), DogeShrek, Bourbon, and PinkyDoge (PINKY).

As per a tweet from one of the DOGE enthusiasts today, the Dogechain team is claiming that users have already created more than 58,000 wallets since the network launched five days ago. Those many wallets along with more than 480,000 transactions in total.

Improvements ahoy! ⚙️🔧

🌪 Shibes, #Dogechain has been experiencing some crazy activity in the past few days. The Dogechain hype has taken the internet by storm.

The numbers have been simply incredible. In just 5 days, we gathered:

🔹 +58,000 wallets
🔹+480,000 tx pic.twitter.com/pNOmmScOjR

— Dogechain💜 (Giving away a Tesla) (@DogechainFamily) August 16, 2022

Additional Read: Dogecoin Technical Analysis

Concluding Comment

The newer project of the crypto space is a constant happening scenario. With Dogechain being launched, it is interesting to see that the rival Ethereum-based token Shiba Inu (SHIB), which is based on the same dog as the original Doge meme, is also set to launch its own layer-2 scaling network. This network will be known as Shibarium.

Source: Decrypt