A faux L2 solution called Dogechain launched, leading to a spike in the price of DOGE.
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.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
