Dogechain Launched, DOGE Pumps on Memecoin Trading Excitement

Dogechain Launched, DOGE Pumps on Memecoin Trading Excitement

Created 1mo ago, last updated 1mo ago

A faux L2 solution called Dogechain launched, leading to a spike in the price of DOGE.

Dogechain Launched, DOGE Pumps on Memecoin Trading Excitement

Shitcoin traders have not had it easy at all since last November. Even the recent mini market rally did little to revive memecoins and joke projects, leaving altcoin aficionados scrambling for a few gains the macro environment throws them.

Relief came yesterday with the launch of Dogechain, a pseudo-L2 solution that lets users bridge over Dogecoin (DOGE) and use it for DeFi, NFTs, and more.

Pseudo because Dogechain is neither a real layer-two solution (it's based on Polygon Edge, itself an L2 for Ethereum), nor is it officially affiliated with the founders of Dogecoin.

That did little to curb the enthusiasm of memecoin traders, who have run up the price of DOGE more than 20% in the last seven days. Dogecoin is back in the top 10 cryptocurrencies by market cap (for now).

DOGE holders can bridge to Dogechain and receive Wrapped Dogecoin to interact with DeFi apps and NFT marketplaces. And bridge they did, according to the Dogechain Twitter account:

Whether Dogechain lives up to its promises of building a full-fledged DeFi ecosystem and more remains to be seen. For now, Crypto Twitter is having a go at Dogechain and is enjoying the ride:

Others praised the surprising functionality of Dogechain:

Even veterans like Bagsy appreciated the launch, being fully aware of the not-so-serious nature of their investments:

How long Dogechain can keep the initial excitement pump up is anyone's guess. However, memecoin masters will be looking forward to a future launch of Shibarium, the purported L2 of Shiba Inu, Dogecoin's biggest dog coin rival.

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