Dogecoin’s 23% Rally has Dogechain to Thank To

Dogecoin’s

Dogecoin’s What are the reasons for Dogecoin’s [DOGE] 23% increase

Dogecoin [DOGE], the highest-ranked meme coin, is expected to make a comeback following the recent rise of Shiba Inu [SHIB]. Shiba Inu’s value has risen rapidly in the last week, as has been widely reported. As the dog-themed tokens compete in the crypto market, this has put pressure on the rival Dogecoin. As a result of the recent improvement in market conditions, DOGE whales have been extremely active, according to Santiment. According to the most recent data, whale activity on altcoin networks has increased dramatically this week. This is especially noticeable on the DOGE network, which had over 675 whale transactions as of August 17th. The frequency of such transactions (above $100,000+) is also common on other alternative networks, albeit on a smaller scale.

 

DOGE-land

The market’s resurgence of meme-tokens has resulted in an unsurprising increase in Dogecoin’s social volume. According to Lunar Crush, the DOGE is one of the most popular tokens on social media. At press time, Dogecoin had received over 375k social mentions in the previous week, with over 2,100 contributors. At this rate, social mentions increased by 10% over the previous week, when Shiba Inu surged in a similar wave. Surprisingly, there is a growing consensus in the community that the DOGE rally had a significant impact on the launch of “Dogechain.”

This is a self-contained network based on Polygon Edge from Polygon. The Dogechain enables users to use DeFi services by bridging their DOGE holdings. It may also allow users to access NFT marketplaces and dApps in the future. The Dogecoin Foundation, on the other hand, confirmed on Twitter that it is not involved in Dogechain. The Dogechain, on the other hand, has had a spectacular start to its existence. They were able to collect over 58,000 wallets and 480K transactions in just five days. This subjected the chain to “significant stress testing,” resulting in some slowdowns.

 

At Present

DOGE was at the bottom of the top ten crypto assets by market capitalization at the time of writing. It was trading at $0.084 after a 23% gain this week. However, the bears took control in the last few hours, bringing the price down by around 3%. Nonetheless, Dogecoin appeared to be in a good position to capitalize on the Dogechain hype.

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