Dogechain Launches New Governance Token, 12% of Supply to Be Airdropped

The Layer-2 solution for Dogecoin (DOGE), “made for DOGE lovers by DOGE lovers,” has launched the $DC token today. There will also be an airdrop accompanying the launch of the token, and those members of the DOGE Army who bridged to Dogechain will have priority.

Two Types of Airdrops

To make it fair for everybody, the developers behind Dogechain decided to split the airdrop of the new token into two. These are as follows:

  • Early Shibes Airdrop – 3% of the total supply

This 3% goes out to the earliest members of Dogechain. To be eligible for the airdrop, a user has to have Wrapped Dogecoin (wDOGE) on-chain. However, if a wallet holder traded the Wrapped Doge (wDOGE) for another token, he is most likely still eligible, as long as the traded tokens stay on Dogechain.

  • Loyal Shibes Airdrop – 9% of the total supply

The 9% supply goes out to the current supporters of Dogechain. The $DC token will be distributed 4 years after the launch. The airdrop works similarly to hyper-liquid staking. As explained by the developers, “The mechanism will distribute 0.1875% of the total supply of $DC on the 1st day of each month, in proportion to their average wDOGE balance.”

The Magic in Numbers

Dogechain’s developers also provided the technical numbers for the new $DC token. First, the total supply is 1 trillion, but there are only 5 billion tokens in circulation. Secondly, the fully diluted market capitalization is at $100 million. While the initial token price at listing is just $0.0001, it might spike once more crypto platforms list the brand new token. At the moment, it’s only QuickSwapDX and Uniswap.

At press time, the top dog memecoin, Dogecoin (DOGE), trades at $0.069696, according to CoinGecko. Recording a slight 2.4% gain in the last 24 hours, Dogecoin (DOGE) still trails its ATH by 75.9%. Still clinging to the #10th position, Elon Musk’s beloved canine coin is facing serious competition from both the veteran Polkadot (DOT) and rival canine coin Shiba Inu (SHIB). If Dogecoin (DOGE) doesn’t go for another sprint, the TOP 10 position might be taken away by the unforgiving competitors.

On the Flipside

Why You Should Care

Dogecoin’s Layer-2 solutions bring more utility for the memecoin. Dogechain, despite being the unofficial bridge, created a lot of hype on Twitter on $DC launch day.

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

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Author

Tadas Klimasevskis is a reporter, focusing on the latest tendencies of the crypto galaxy. He spends his time digging deeper into specific areas like meme coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.