Dogechain, launched earlier this year to bring smart contract capabilities to the Dogecoin community, saw its trading value jump over 200% in the past week and more than 70 percent within the past 24 hours, according to CoinGecko. The high also represents a 75 percent premium over a month ago.
From $0.0004 on Friday, Dogechain's price climbed as high as $0.00176 on Sunday, notching a 228% gain over seven days at a price point not seen since Sept. 12.
Traffic is picking up again frens! 🚀
And it looks like much more is coming with staking and veDC right around the corner 👀 pic.twitter.com/3Wpsrt54W1
— Dogechain💜 (Giving away a Tesla) (@DogechainFamily) October 23, 2022
The spike in value is notable, as Dogechain (DC) had lost 90 percent of its value since its all time high at the end of August. Dogechain had declined steadily over those two months from $0.004 to $0.0004.
Dogechain is an EVM-compatible layer-2 blockchain based on Polygon that's inspired by, but separate from, Dogecoin (DOGE), the eminently popular and mirthful memecoin. With the Ethereum merge, Dogecoin became the second largest proof of work cryptocurrency by market cap, behind only Bitcoin.
But with use cases limited to storing value and making payments, Dogecoin lacked the utility of cryptocurrencies like Ethereum, useless in fast-growing crypto sectors like NFTs, DeFi, and gaming. Dogechain was created by Dogecoin enthusiasts to extend the technical capabilities of the sprawling community.
The Dogechain community has initiated a discussion of "a significant burn of the total supply of $DC tokens," with figures ranging from 50% to 80%.
Dogechain, which uses wrapped DOGE as gas, launched on Aug. 16, rocketing in value to $0.0045 on over $50 million in trading volume within two weeks. It has a $46 million market cap as of this writing, ranked #427th among cryptocurrencies tracked by CoinGecko.
Dogechain is available to trade on about 20 marketplaces, with KuCoin and Gate.io each handling almost 40 percent of all Dogechain trades.
Dogecoin and Dogechain values do not appear to be correlated, apart from a spike in Dogecoin value to $0.086 the same day Dogechain launched. Dogecoin has since hovered between $0.07 and $0.06.