Dogechain lets users connect Dogecoin (DOGE) with DeFi products, exchanges, NFT apps, dApps as well as potential gaming projects. However, Dogechain is not really a layer-2 since it was not built on top of Dogecoin. It, instead, is a seperate network that was built on top of Polygon Edge – the custom blockchain software from Polygon – one of the most popular Ethereum sidechains available today. Dogechain is compatible with the Ethereum Virtual Machine (EVM), which means that apps built for Ethereum can run on it.
Dogechain is also not an official project of Dogecoin. Dogecoin Foundation has confirmed that they have no connection with Dogechain and neither DOGE creators Jackson Palmer and Billy Markus. Dogecoin holders can now “bridge” their holding over to Dogechain to get wDOGE back and use them to interact with DeFi apps, MFT marketplaces, dApps, and games on Dogechain. Dogechain has been in operation for 5 days and users càn use DOGE to pay gas fees on transactions on Dogechain.
According to DEX Screener, about 21 million USD of tokens were traded on Dogechain over the past 24 hours, led by DogeSwap with 16 million USD. Other notable tokens include Doge Eat Doge (OMNOM), DogeShrek, Bourbon and PinkyDoge (PINKY). In a tweet today, the team behind Dogechain claims users have created more than 58,000 wallets since the network’s launch and over 480,000 transactions have been done.
Dogechain has also promised to airdrop DC tokens to DOGE holders. Even those who hold DOGE on crypto and stock trading app Robinhood will receive free DC tokens when they withdraw DOGE from the app. However, whether Dogechain can do what it has promised is still a question. As mentioned above, the Dogecoin core team confirmed that they have no connection with Dogechain, so users should be cautious with this project.
Some have compared Dogechain to BNB Chain (formerly Binance Smart Chain, or BSC), where it was easy to launch new tokens and pump-and-dump schemes are common. Meanwhile, others are interested in what Dogechain promises, despite some skepticism, they still want to push their luck with the project.
“Bridging to Dogechain, likely going to lose it all. Wish me luck. Haven’t bought this many shitcoins in a long, long time.”
Dogecoin is the biggest memecoin by market cap with over $9 billion. The all-time high price of $0.7 was recorded in May 2021. The DOGE price has increased 11% over the past 24 hours due to the “Dogechain effect” and is now trading around $0.082. On the other hand, Dogecoin’s counterpart “Dogecoin Killer” Shiba Inu is also preparing to release Shibarium beta. Shiba Inu recently overtook AVAX to become the 12th largest cryptocurrency in the crypto space by market capitalization.
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