Amid gloom in the crypto space, Dogecoin (DOGE) has seen a steep rally. The biggest meme coin has been on a roll, due to its recently launched blockchain called Dogechain. After the introduction of the new blockchain, Dogecoin may not remain a joke. The number one meme coin might gain a lot more utility with the launch of that blockchain, according to the experts.
Dogecoin is gradually becoming technologically competitive with Ethereum because of the launch of Dogechain, as highlighted by Sathvik Vishwanath, Co-Founder and CEO, Unocoin. The blockchain use cases like decentralized finance (DeFi) and nonfungible tokens (NFTs) can be built on this.
Dogechain is not a real layer-2 network. Notably, it is an independent network based on Polygon edge from Polygon (MATIC). Moreover, it is not an official Dogecoin project.
The holders of the meme coin can connect their holding over to Dogechain to get Wrapped Dogecoin (wDOGE) in return and then use that on the new platform to help you interact with DeFi apps, and possible future NFT marketplaces, games, and decentralized applications.
In that context, the well-tracked meme token has rallied 50% in the past three weeks, while it is up 30% in the past one week alone. On August 17, 2022, Dogecoin gained 10% to reach $0.8864, before giving its gains slightly to trade at $0.0842 at 14.15 hours IST, based on Coinmarketcap data.
The volume surged by 75% as tokens worth around 1.8 billion exchanged hands in the past 24 hours. Based on the data, there are 132.67 billion DOGE tokens in supply, with a total market cap of $11.2 billion.Buy Crypto Now
The euphoria surrounding the Ethereum upgrade together with the sustained momentum in the crypto space is the primary driving force behind the surge in Dogecoin prices, as explained by Shivam Thakral, CEO of BuyUcoin. He said:
“The positive news around DOGE which positioned it as a payment currency may have sparked investor interest in the meme coin. Dogecoin is a strong contender for integration into the global payment mechanism.”
Dogecoin is among the highly popular internet meme coins and consists of Shiba Inu on its logo. It was developed by Jackson Palmer from Sydney, Australia, and Billy Markus from Portland, Oregon. Tesla CEO, Elon Musk, has backed Dogecoin on many occasions.