Dogechain application claims that it provides significant utility to Dogecoin owners. As a result, Dogecoin’s weekly gains skyrocketed, surpassing Bitcoin and Ethereum’s returns. Next on the agenda for Dogechain is being listed on major exchanges.
Dogechain is an Ethereum-compatible network using smart contract technology. It functions as a connector between Dogecoin and the Polygon Edge network. Dogechain’s website explains how Dogechain differs from Dogecoin and how it can help Dogecoin holders. “Dogechain supercharges $Dogecoin to bring crypto applications like NFTs, games, and DeFi to the $Dogecoin community.”
The issue is that $Dogecoin cannot support these applications or other dApps. This is where Dogechain comes into play. Dogechain allows users to do more than just “hodl” with their Dogecoin. Now, Dogecoin holders can take advantage of DeFi, NFTs, and games—as some examples. And this is all because of Dogechain.
$DC tokens offer the community members access to what is being called “Holders Only” benefits and perks. Such “perks” include “access to the exclusive Dogechain Alliance Club on Discord.”
But the perks do not end there. $DC holders also receive token-permissioned access to compete for tickets—free tickets—to the Dogechain Conference. This Conference is essential because it allows individuals to collaborate on their work.
The Increase in Dogechain Transactions
Dogechain’s Twitter account made a post that proudly discussed the success of Dogechain. In the tweet (@DogechainFamily) posted on September 5, Dogechhain noted the following:
Dogechain’s Twitter account recently touted 15 million transactions recorded on its network. It is no coincidence that these additional transactions came only a few days after Dogechain announced that it exceeded 10 million transactions. In three days, Dogechain transaction volume skyrocketed 50%, accounting for the 15 million transactions carried out on the Dogechain network.
Another reason accounting for the success of the new meme coin is the fact that it is being listed on top cryptocurrency exchanges—some of which include Gate.io, KuCoin, and Huobi. Huobi Global, for example, opened Dogechain spot trading (DC/USDT) and spot Grid trading (DC/USDT) on August 31.
Excited about this recent news, Dogechain wrote on its Twitter account, “Frens, #Dogechain is getting global coverage thanks to the @HuobiGlobal listing of the $DC native token.”
On September 6, according to Coingecko—a cryptocurrency ranking website that provides live details such as price, charts, market capitalization, trading volume, and more—Dogechain was among the top ten trending coins even though a meme coin is categorized as a trending coin demonstrates a growing interest and curiosity in Dogechain.
Dogechain’s Utility to Dogecoin
Another critical reason for Dogecoin’s price appreciation is the layer-2 crypto application—marketed as Layer 2 for Dogecoin—built on the Polygon blockchain (MATIC). Dogechain is an Ethereum-based smart contract network that is developed using Polygon Edge. Individuals will need to bridge DOGE onto the web to receive the ability to access and use its applications.
As a result, many individuals feel “buying pressure.” How this occurs is very simple. When an individual successfully moves their DOGE onto Dogechain, they will receive a wrapped type of token, the wrapped version of which is called wDOGE.
How DogeChain and Dogecoin Are Helping Each Other
Even though Dogecoin and Dogechain have different developers behind the curtains, they share the “same dog-themed ideological value.”
For instance, as stated on Dogechain’s website and above, the Dogechain developers note that Dogechain brings crypto applications to the $DOGE community. And this is the very reason that Dogechain was developed—because $DOGE cannot support these applications.
Additionally, Dogechain has been experiencing “some crazy activity” lately, which has led to a “Dogechain hype.” Even further, Dogechain has plans to incentivize users with an airdrop of “millions of DC tokens to the Dogecoin community.”
As a result, both Dogecoin and Dogechain have overlapping goals and appear to be connected in multiple ways. Both need each other to give holders the perks that crypto enthusiasts desire.
From listings on popular exchanges and releasing airdrops, Dogechain is climbing in popularity and price. It also incentivizes and energizes $DOGE holders with significant utility and perks.