The top dog memecoin, Dogecoin (DOGE), went out for a sprint this weekend, only to come back with double-digit gains. Firstly, the hype built around Ethereum’s (ETH) “The Merge” update led to a bullish outlook for DOGE. Secondly, the core update reduced fees on Dogecoin’s network. Lastly, the brand new Dogechain platform finally went live and has already seen over 58,000 Dogecoin (DOGE) wallet owners bridging to the new chain.
this is going to be an epic launch. $DC and #dogechain. https://t.co/3Qup1r34Tg
— DogeCycle (@DogeCycle) August 18, 2022
Dogechain Brings More Utility for Dogecoin (DOGE)
Despite being the unofficial blockchain platform for Dogecoin (DOGE), it’s built “for holders, by holders.” Hence, after the bridging is done, a user receives Wrapped Dogecoin ($WDoge), which can be used in various DeFi apps, NFT platforms, and blockchain games. Moreover, Dogechain’s developers promised an airdrop to every user that decides to bridge to the new chain. In addition, Dogecoin (DOGE) is not the only memecoin with a brand new layer-2 solution. Rival canine coin Shiba Inu (SHIB) is also preparing to drop Shibarium, a layer-2 solution for the prospering dog-themed token, originally known as “DogeCoin Killer.”
Does Dogecoin (DOGE) Resemble Bitcoin’s (BTC) 2019 Rally?
According to a crypto analyst going by the name of “Smart Contractor,” there are a lot of similarities between Dogecoin’s (DOGE) recent price movement and the big breakout of 2019. During the time, the flagship crypto asset went to around $50,000. As for Dogecoin (DOGE), the crypto analyst sees a potential run to the zone of $0.50. As indicated by the Fibonacci retracement tool, the support and resistance levels could ignite a ~500% run for the dog-themed token.
2 month accumulation breakout on $doge with decent volume.
— Bluntz (@SmartContracter) August 16, 2022
probably a decent set and forget play tbh pic.twitter.com/FWOUUZGygI
Rival Shiba Inu (SHIB) Is Once Again on Fire
In other related news, the SHIB Army went on to burn massive amounts of their beloved token, according to Shibburn, the official virtual bonfire of the Shiba Inu (SHIB) ecosystem. According to the site, the burn rate skyrocketed by a whopping 385.95% during the last 24 hours, with over 73M of SHIB tokens up in smoke already.
In the past 24 hours, there have been a total of 64,506,471 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) August 18, 2022
Moreover, the SHIB Army surpassed the DOGE Army by followers on Twitter. The intense competition by the two crypto communities might lead to another bull run for the two canine memecoins, as both recorded high weekly gains with 22.2% for Dogecoin (DOGE) and 25.5% for Shiba Inu (SHIB).
On the Flipside
- Crypto influencer Matt Wallace promises to delete his YouTube channel if DOGE doesn’t hit $1 by the beginning of 2023
- Love is painful for Elon ‘The Dogefather’ Musk, as he gets spanked with a $258B lawsuit for building the DOGE pyramid
- Thug Life DOGE: The canine memecoin is used to carry out serious crimes, Elliptic research reveals
Why You Should Care
Both memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) were leading last week’s altcoin rally. The recent ecosystem developments could increase the probability of another breakout.
Find out why Gokhshtein also sees a big chance for a breakout
Find out how Shiba Inu (SHIB) skyrocketed by 30% and hit a new milestone
Learn more about the dog race between Shiba Inu (SHIB) & Dogecoin (DOGE)
