Dogecoin Foundation board member Jens Wiechers rubbished claims that Dogechain is an affiliated product, saying “paid media” have disseminated false info that the 2 are linked.
This follows an earlier tweet from Dogecoin developer @cb_doge, who posted that Dogechain is “another knockoff token,” whereas giving DOGE holders the heads up on influencers selling the venture.
Dogechain is not linked with #Dogecoin in any approach.
➡️ It’s one other knockoff token.
➡️ Avoid the influencers collaborating with them.
➡️ Don’t danger your treasured Doge.
➡️ Share with different shibes.
➡️ Do Only Good Everyday! pic.twitter.com/b3AE97oNeP
— DogeDesigner (@cb_doge) July 27, 2022
Incidentally, DogeChain is additionally the identify of Dogecoin’s official block explorer.
What is Dogechain?
Dogechain is billed as a layer 2 scaling answer enabling DeFi, NFTs, and gaming. However, per its whitepaper, DogeChain is constructed on the Ethereum-compatible Polygon Edge “private label” framework, not the Dogecoin community.
Dogechain claims to enhance the unique by bringing good contract performance, thus opening up extra use instances past simply funds.
“WIth Dogechain, Dogecoin holders can do more than simply hodl and wait for Dogecoin to moon!“
Like the original, Dogechain’s stated philosophy revolves around inclusivity and valuing participants. The team also emphasized its “community-first approach,” saying there was no VC allocation of tokens.
“Dogechain stands for fairness and equal opportunity for all. Our goal is to create a blockchain that is truly owned by the people.“
Token distribution of “$DC” will happen “later this year” by way of an airdrop of snapshotted DOGE balances. The actual mechanics of the method will observe, with events inspired to affix the Discord.
However, CoinMarketCap at present reveals three tradable tokens with related names: DogeChain, DOGECHAINU, and DOGECHAIN, all of which opened buying and selling on August 16.
Dogecoin re-enters the highest 10
Over the final seven days, Dogecoin jumped 23% amid a broader uptrend for dog-themed meme cash. During this era, there have been no new vital basic developments. This efficiency noticed Dogecoin leapfrog Polkadot and re-enter the highest 10.
DOGE spiked 16%, to as excessive as $0.08478, on August 14. In doing so, the $0.07561 resistance stage has flipped to develop into help. However, during the last day, the third retest of $0.08892 resistance was rejected once more within the early hours of August 17 (GMT).
Crypto investor and analyst Miles Deutscher attributed the current buoyant value motion to the launch of Dogechain. In the identical tweet, he additionally made a case for meme cash appearing as a “gateway” for the broader crypto market.
$DOGE is pumping following the launch of DogeChain.
But might this have broader implications for the crypto market?
Meme cash have been extremely environment friendly at capturing retail liquidity in 2021, with earnings typically siphoning off into ulterior market sectors. 👇
— Miles Deutscher (@milesdeutscher) August 16, 2022