With the launch of Dogechain last week, Dogecoin (DOGE) price saw a resultant spike. Described as Layer 2 for Dogecoin, Dogechain gives access to DOGE users NFTs, Games, and DeFi. The blockchain platform, however, is not built on Dogecoin but runs on the Polygon network. Going forward, the Dogechain indicated plans to potentially enable Dogechain’s dApps ecosystem using wrapped DOGE as currency.
Connecting DOGE With Dogechain
This would enable Dogechain to transact with other blockchains. Overall, the platform promises to bring DeFi and the much anticipated utility to Dogecoin. Users can bridge DOGE onto the Dogechain to receive wrapped DOGE and use them as gas on the chain. This feasibility had in the last few days attracted DOGE users, which led to a surge in the token price.
The Dogechain team said there was great response to the launch from the DOGE community. So far, the platform attracted as many as 74,983 wallet addresses and 901,935 total transactions. In fact, the Dogechain team had to deal with network issues due to user overload. The user activity has put the chain through “some significant stress testing.” Slowdowns were experienced during deposits and withdrawals thanks to tremendous response, the team said.
“Dogechain has been experiencing some crazy activity in the past few days. The Dogechain hype has taken the internet by storm. The numbers have been simply incredible.”
DOGE To Cause A Crypto Bull Run?
The DOGE price rise in the last few days gave positive momentum to the community in the context of a bearish environment. The positive momentum has also given rise to speculation of a bull run induced by DOGE. In the last 7 days, DOGE price rose by as much as 16%. As of writing, the token price stands at $0.08221, down 6.40% in the last 24 hours, according to CoinMarketCap. On Tuesday, DOGE saw a high of $0.088.
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