Dogecoin Gets New Utility Through Dogechain
The layer-2 platform brings utility to DOGE holders through NFTs, Games, DeFi, and more.
Dogechain, the Polygon Edge-based network touts that it is “built by Doge holders, for Doge holders,” and acts as a platform where wrapped Dogecoin can be used to interact with NFTs, Gaming dapps, and other DeFi utilities.
At the time of writing the platform has already seen over 1,000,000 unique transactions.
— Dogechain? (Giving away a Tesla) (@DogechainFamily) August 17, 2022
In addition, it has also exceeded over $23 million USD in trading volume, according to data from DexScreener. Following the surge in deposits and transactions, DOGE itself saw a brief 10% rise and a high of $0.088 USD but has since retreated to $0.081 USD at the time of writing according to data from CoinMarketCap.
The platform intends to launch its own coin, $DC, which will also act as a proof-of-stake governance token for the chain. As part of its grand plan and to bring more users into its pack, the platform has several $DC airdrops planned, including a special one specifically for holders on the Robinhood platform.
The Dogecoin community has been very receptive to the new layer of utility provided by the platform. Now, what was once considered simply a meme coin has picked up a new burst of public and private interest.
Prior to the launch of Dogechain, the token has seen adoption in the form of a payment method through brands and companies like Elon Musk’s SpaceX, Mark Cuban’s Mavericks, AMC, and the ability to order food through BitPay.
Most either love or hate Dogecoin, largely due to its origins as a joke on the entire crypto space and its degen nature — however, it does prove the power of a collective and determined community, in that anything can be achieved in this space.
With a lot of hype going around, Dogechain has shared that there is fake $DC offerings floating around the space and that users should be aware and wait for their official launch.
Beware of impostors ⚠️
Word is going around that a fake $DC token is circulating on some DEX.
Stay safe and wait for our $DC token official announcement.
— Dogechain? (Giving away a Tesla) (@DogechainFamily) August 18, 2022
Despite being down to below ten cents from its high of $0.69 USD, Dogecoin holders will tell you that every dog has its day and that they will eventually reach $1 USD — something which Dogechain may just be a catalyst for.