Dogecoin’s Smart Contract Platform Dogechain, Price Up to 228% For The Week.
According to CoinGecko, Dogechain, a smart contract platform developed earlier this year for Dogecoin, has seen its trading value jump over 200% in the past week and over 70 percent in the past 24 hours.
Dogechain Price Up Over 200%
In seven days, Dogechain’s price climbed 228% to $0.00176 from $0.0004 on Friday, its highest price since September 12.
“Traffic is picking up again frens! 🚀. And it looks like much more is coming with staking and veDC right around the corner,” tweeted Dogechain.
Traffic is picking up again frens! 🚀
And it looks like much more is coming with staking and veDC right around the corner 👀 pic.twitter.com/3Wpsrt54W1
— Dogechain💜 (Giving away a Tesla) (@DogechainFamily) October 23, 2022
After dropping 90 percent since it’s all-time high at the end of August, Dogechain (DC) has experienced a significant increase in value. During those two months, Dogechain declined steadily from $0.004 to $0.0004.
Inspires but differs from Dogecoin (DOGE), the eminently successful and mirthful memecoin, Dogechain is an EVM-compatible layer-2 blockchain based on Polygon.
As a result of the Ethereum merge, Dogecoin became the second most valuable cryptocurrency by market cap, only trailing Bitcoin in terms of market capitalization.
The Aims of Creating Dogechain
The Dogechain platform was developed by Dogecoin enthusiasts to extend the technical capabilities of the Dogecoin network.
A discussion has begun within the Dogechain community regarding a significant burn of the $DC token supply. Figures range from 50% to 80% are suggested for this burn.
Using wrapped DOGE as gas, Dogechain launched on Aug. 16 and rocketed to $0.0045 on more than $50 million in trading volume within two weeks. According to CoinGecko, it has a market cap of $46.7 million and ranks #427th on October 24.
Over 20 marketplaces offer Dogechain trading, with KuCoin and Gate.io handling almost 40% of all trades.
Despite a spike in Dogecoin’s value to $0.086 on Dogechain’s launch, Dogecoin’s value does not appear to be correlated with Dogechain’s.
At the time of writing, Dogecoin is changing hands for $0.0593 according to CoinMarketCap.