Dogecoin’s (DOGE) Unofficial Layer-2 Dogechain (DC) Surges 226% – Here’s Why

dogecoin spike fly DOGE high

Dogechain, the off-the-record Layer-2 solution for the DOGE Army, has enjoyed success since its mid-August launch. Dogechain’s (DC) developers made an announcement on Twitter about the multiple milestones the Web 3.0 platform reached up to date. These include:

  • Over 55 million transactions
  • 250,000 unique wallet addresses
  • Around one million transactions daily

Besides, DC managed to increase its total market capitalization by a whopping $12M in the last two days. At press time, Dogechain’s (DC) market cap is $52,074,170, according to CoinGecko. That’s an eye-catching rise since $40M on October 24th, 2022.

Strong Entrance by DC

DC quickly climbed from the #420 rank by total market capitalization on Tuesday morning by 23 positions. Currently the #397 ranked cryptocurrency, DC trades at $0.00171674 according to CoinGecko. That’s a healthy 7.7% daily increase, but the monthly perspective is even brighter.

The Layer-2 solution’s native token skyrocketed by 226% in the last seven days and has marginally increased its market cap. Besides, the DOGE Army seems to be fond of the Web 3.0 alternative offering dApps, games, NFTs and an overall pretty impressive sell-sufficient ecosystem revolving around DOGE.

DOGE Is Barely Moving

The expansion of utility for DOGE seems to be appreciated, as over $300 million worth of Elon Musk’s beloved canine token was bridged to DC. However, the top dog memecoin is getting the raw deal in crypto winter and is still trading below the crucial resistance line of $0.06.

At press time, the 10th-ranked Japanese dog-themed cryptocurrency DOGE is priced at $0.059996, according to CoinGecko. On top of that, DOGE has been on all fours for the past two weeks, with micro gains of 0.9%. The canine’s last bull run was Musk’s $44M Twitter deal revival with an 8% spike in minutes. Perhaps the canine currency needs another power run to reach the moon quicker.

On the Flipside

  • The Layer-2 project DC didn’t get the nod from Billy Markus, a.k.a. Shibetoshi Nakamoto, the co-founder of DOGE.
  • Billy Markus rejected Dogechain’s $14M promo deal for unknown reasons.
  • The official developer team behind DOGE is also working on a Layer-2 Solution.
  • The official bridge in partnership with BluePepper is set for an early 2023 launch.

Why You Should Care

DOGE is one of the most popular cryptocurrencies, often covered by mass media and trending on social networks. DOGE also has a star-roster fan club in Elon Musk and Snoop Dogg, alongside other entrepreneurs and entertainers.

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

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like 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.