DOGE Is Getting into DeFi & dApps Thanks to Dogechain’s Newly Launched Testnet

The new upgrade will allow members of the DOGE Army to mint NFTs, play games and have ‘other things to do on Dogecoin besides HODling and waiting for the moon!’

Dogecoin just announced the launch of Dogechain testnet, where decentralized applications can be tested before the mainnet is put in motion. This would bring a larger scale of utility to the popular meme coin.

What Dogechain’s Testnet Brings to the Table

The new Dogechain testnet is built on the Polygon Edge. This way, the devs are able to access a new blockchain that is fully compatible with Ethereum smart contracts. The native blockchain of DOGE uses IBFT Proof of Stake method, which allows users to optimize all utility across the ecosystem. Being able to evaluate the network before the mainnet release empowers the Doge Army to get into the NFT market, DeFi applications, and more. Users will be able to lend out, borrow, and mine coins on the coin’s own blockchain.

Will the New Upgrade Impact Dogecoin’s (DOGE) Price?

The recent strong wind hitting the crypto market has left many trees leafless, but Dogecoin (DOGE) seems to be bouncing back after almost reaching the support level of $0.048. Hovering above the line for some time, now the MRI shows a potential bullish trend, just as Dogecoin gets back to $0.058 at press time. That’s an increase of 13.5% in the last 24 hours. In contrast, DOGE is down by 27.8% in the last 7 days, indicating that there’s a long way to go to reach its pinnacle. 

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“When will Doge fly to the moon?” is a question that’s frequently asked by members of the DOGE Army. The candlesticks and MRI index indicate a similar situation that the crypto market experienced in April-May of 2021, when DOGE was floating above a similar 5-cent support line and then skyrocketed to an ATH of $0.73 on May 8th. One thing is for sure: upgrades like these can help the market price spike, and as the activity on the network increases, the panic-infused sellouts might slow down.

Why You Should Care

Dogecoin’s (DOGE) new testnet might throw down a challenge to Ethereum’s testnet, which also expects a major upgrade (ETH 2.0) soon.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.