A popular altcoin listed on Binance is trying to break out of its multi-year downtrend to make up for its losses. The launch of a new DeFi service is rallying among investors.
This altcoin prepares to rally after wallet security update
Dogechain, DOGE’s layer 2 scaling solution, has successfully completed the wallet security upgrade. Dogechain is an unconventional layer-2 scaling solution for DOGE. Unlike traditional scaling solutions, Dogechain is built on Polygon Edge. The popularity of Dogechain is attributed to the fact that the project allows developers to create dApps, interact with the DeFi and NFT ecosystem using their DOGE.
https://twitter.com/DogechainFamily/status/1560631595500851203
What advantages does Dogechain provide to Dogecoin developers?
Through Dogechain, developers can create DeFi and NFT applications and use them on the DOGE network. To start using Dogechain, users must purchase DOGE on cryptocurrency exchanges. DOGE is available on leading cryptocurrency exchanges such as Binance, KuCoin, Kraken, among others. When a user buys DOGE, the token must be bridged with Dogecoin’s Blockchain and Dogechain. The bridge is available at:
https://bridge.dogechain.dog/bridge and users are expected to double check the URL to avoid phishing scams. Dogechain is currently traded on three decentralized exchanges; Bourbon DeFi, DogeShrek and DogeSwap.
Is altcoin ready to make a comeback?
Dogecoin is ready to make up for its losses and make a comeback. Analysts at FXStreet have identified $0.072 as a make or break level for Dogecoin price. If buyers fail to maintain this level, further declines in DOGE are likely. Once the price of Dogecoin surpasses $0.072, the meme coin is likely to break out of the downtrend.
Why is Dogechain important to the DOGE rally?
As you follow on Kriptokoin.com, Dogechain started on August 13, 2022. Only 72 hours after launch, Dogechain reported impressive growth statistics. More than 20,000 new wallets and more than 200,000 transactions have opted for the Dogecoin network. In a nutshell, Dogechain is an EVM compatible Blockchain based on Polygon SDK to create an efficient link between Dogecoin and Web3.
Dogechain offers developers a platform to build DeFi, GameFi, NFT platforms and other decentralized applications with DOGE as part of its core economic system. Since EVM (Ethereum Virtual Machine) is compatible, developers on Ethereum and other EVM Blockchain can easily create new applications or connect their existing applications to Dogechain without changing their original code or learning new programming languages. DOGE and Dogechain’s token DC focus specifically on payment instruments. Therefore, we are talking about a very significant upgrade for the use of Dogecoin in everyday payment methods in the future.
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