What is Dogechain? Dogechain is Dogecoin’s layer-2 scaling solution. Unlike typical scaling solutions, Dogechain was developed by a team at Polygon Edge. The launch of this scaling solution has had very positive results. Accordingly, Dogechain served as a fuel for the bullish sentiment among DOGE holders. Then the Dogecoin price skyrocketed.
What is Dogechain?
Dogechain is a newly launched Blockchain platform. Through it, DOGE users can bridge their tokens and use them for Blockchain products like DeFi and NFTs. Interestingly, Dogecoin creators and Dogecoin Foundation developers are not behind Dogechain. So the official Dogecoin makers are not involved in the Dogechain project. The aforementioned project was created by the developers of Polygon Edge. However, it works as an unconventional Layer-2 scaling solution for Dogecoin.
Polygon Edge is a modular and extensible framework. Edge allows developers to build Ethereum-compatible Blockchain networks, sidechains, and global scaling solutions. Unconventional scaling solution Dogechain is creating hype on social media platforms for the meme coin. LunarCrush, a crypto data tracker, shared new developments for the DOGE network. Accordingly, social activity on the Dogecoin network has peaked with Dogechain. After that, people started arguing that a short-term Dogecoin rally was likely.
Dogecoin price skyrocketed
The DOGE price gave its holders a 15% gain last week. Layer-2 scaling solution Dogechain is considered equivalent to the creation of DeFi protocols, NFTs and dApps in Dogecoin. Cardano’s Vasil hard fork and Ethereum’s Merge are game changers for the network. Dogechain, on the other hand, is a catalyst for the DOGE price.
In fact, Dogecoin debuted as a meme coin after a spike in utility and adoption. It is now accepted by merchants worldwide through payment processors such as DOGE, NowPayments. Accordingly, the utility value of the project is likely to increase further with Dogechain moving forward a few steps.
What awaits the DOGE price in the near future?
Analysts argue that Dogecoin price is poised to recover. Analysts say that the DOGE price will go up when certain conditions are met. However, the bullish feeling that comes with Dogechain seems to have not continued. The meme coin has wiped out most of its gains in the past week. As we reported as Kriptokoin.com, DOGE has dropped 13.80% in the last 24 hours. It was trading at $0.069 according to available data. Transaction volume has increased considerably in the last 24 hours. Accordingly, DOGE’s transaction volume increased by 23.40% to $908.6 million. We will see together whether the hype that causes investors to ask “What is Dogechain” will continue.
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