Dogecoin’s phenomenal success has failed to attract envy. Although many “copycats”, mimicking the same corner, to be seen, the Dogechain maintains confusion regarding its connections to the Dogecoin. So the DOGE teams wanted to eliminate any doubts about the true nature of Dogechain…
What is the Dogechain project?
The Dogechain project describes itself as offering a solution for DOGE holders to access DeFi, NFT products or even Web3 games. Therefore Dogechain promises to allow Dogecoin investors not to be satisfied with hodl.
Dogechain therefore provides complementarity to the Dogecoin ecosystem. This is justified by the contribution of layer 2 solutions and smart contracts that have opened up new areas of application for DOGE holders.
In white paper of the project, we can read:
Dogechain is an EVM enabled blockchain that aims to complement the original Dogecoin cryptocurrency. As a proof-of-concept blockchain, Dogechain seeks to bring scalability, security, robustness and utility to Dogecoin. It is important to note that the Dogechain project is a community-driven blockchain that aims to empower Dogecoin holders and enthusiasts.
In addition, the same iconic of the 10th Cryptocurrency, by market cap, trashed the homepage of the Dogechain site. In addition, the story and tone used by the project is very similar to the ones that Dogecoin was based on. For endorse the confusionthe project name is the same as the official Dogecoin block explorer.
The truth about Dogechain
Dogechain is announced as a layer 2 scaling solution of the Dogecoin blockchain. However, the latter is based on the Polygon network, compatible with Ethereum, and not the DOGE ecosystem.
Faced with the growing confusion about the project, the Dogecoin team decided to remove all doubts. First, one of the developers of the illustrious same corner published a inflamed tweet regarding Dogechain.
On July 27th, @cb_doge actually said: “Dogechain has nothing to do with Dogecoin. This is another sign of counterfeiting. Avoid influencers who collaborate with them. Do not risk your precious Doge. »
Dogechain is not involved #Dogecoin in any way.
➡️ It is another sign of knocking.
➡️ Avoid collaborating with influential people.
➡️ Don’t put your precious Doge at risk.
➡️ Share with others.
➡️ Just Do Good Daily! pic.twitter.com/b3AE97oNeP
— DogeDesigner (@cb_doge) July 27, 2022
In addition, Jens Wiechers, a member of the Dogecoin Foundation’s board of directors, spoke in turn on Tuesday. In a tweet, he criticized the messages conveyed by certain media which he describes as “bought”. The latter alleged that Dogechain was a testnet launched by Dogecoin, which Jens Wiechers strongly denies.
Meanwhile, Dogecoin re-enters the top 10
For its part, the price of DogeCoin restored colors this summer. After a bottom reached on June 18 at 0.050 dollars, the DOGE is trading at 0.082 USD today. Moreover, since then, the sign has gone through slow but steady growth earning almost 75% in just over 8 weeks.
Additionally, DOGE has increased by nearly 28% over the past seven days. On August 14, the signal rose from its 20-day moving average to break above the $0.08 resistance. This Tuesday, the same corner it was worth $0.087.
Since then, however, a nearly 6% correction has begun. However, this performance allowed the signal re-enter the top 10 of the most important cryptocurrencies by market capitalization, dropping Polkadot (DOT) to 11th position in the ranking.
In addition, DOGE seems to stabilize at the $ 0.075 level, once resistance and now support. For the Dogecoin to continue rising, it will need to be able to overcome the $0.088 resistance in the coming days.