By George Ward
Since dropping in value significantly a few weeks after its launch in August, Dogechain (DC) price has started rising again. It surged by over 200% this past weekend. It also gained more than 67% in the last 24 hours.
The price of Dogechain increased from 0.0004 to 0.00176 between last Friday and Sunday, which puts its rise at 228%. It is the first time it has risen by such levels since the 12th of September.
Notably, DC lost 85% of its worth since August after attaining its all-time high (ATH). Before the recent rise, the coin’s price steadily reduced from $0.004 to $0.0004.
There is a little misconception that there are similarities between Dogechain and Dogecoin. The latter is more popular and is the first meme-themed coin. However, the former is an EVM-compatible proof of stake (PoS) layer-2 blockchain, which was developed to add smart contract functionalities to Dogecoin.
Dogechain is built on the Polygon Network and not on the Dogecoin network. Dogecoin advocates led Dogechain development to boost the functionalities of the Dogecoin network.
The Dogechain development would enable Dogecoin to have the utility of cryptocurrencies such as Ethereum. Also, it would make Dogecoin relevant to new crypto sectors such as Gaming, NFTs, and DeFi.
However, Dogecoin is now the second-most valued proof-of-work cryptocurrency based on market caps. Ethereum network, which formerly occupied that spot, has upgraded to a proof-of-stake cryptocurrency.
Dogechain Token Burn And Capitalization
Meanwhile, the Dogechain community has initiated a proposal that may lead to a 50% to 80% burn of the Dogechain token’s total supply to increase its value. Dogechain went live on the 16th of August, and its value rose quickly to $0.0045 within two weeks of launch.
It also achieved a $50 million trading volume and has 244,000 unique wallets created within that same period. These accomplishments prove that the Dogecoin community is interested in enhancing the adoption rate for the new Dogechain network.
Crypto tracking firm, CoinGecko, ranks Dogechain as the 427th cryptocurrency globally. Dogechain, which uses wrapped Dogecoin as gas fees, is available to be traded on over 20 marketplaces.
A recent study claims that Gate.io and Kucion crypto platforms are responsible for 40% of all Dogechain trades.