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Saturday, December 3, 2022

Dogecoin is Headed to US$0.14 This Quarter! What is Triggering the Rally?



Dogecoin has Dogechain to thank for its 23% surge in rally going towards US$0.14

Dogecoin evolved from being little more than a well-known memecoin in 2013 to a popular investment model recently. For many cryptocurrency investors, DOGE is the foremost dog-themed token that brought in the concept of memecoin. Although Dogecoin has existed for a long time, it gained prominence only in 2020 after garnering attention from celebrities and big names like Elon Musk and Mark Cuban.

Dogecoin (DOGE) was created as a satirical response to Bitcoin in 2013. (BTC). It’s based on the wildly successful Doge meme, which peaked in popularity around the same period. Even though DOGE is almost ten years old, it was only at the beginning of 2021 that it became well known. From the start of 2021 to its current high of US$0.7376, reached in May of last year, Dogecoin has climbed by more than 15000%. The resurgence of meme-tokens in the market has led to an unsurprising uptick in the social volume of Dogecoin. Lunar Crush claimed that the DOGE is one of the leading tokens among social channels. In the past week, Dogecoin recorded over 375k social mentions along with more than 2,100 contributors at press time. At this rate, the social mentions saw a 10% increase from the previous week when Shiba Inu surged in a similar wave.


Emergence of Dogechain

Interestingly, there is growing consensus in the community that the DOGE rally had a lot to do with the launch of “Dogechain.” This is an independent network based on Polygon Edge, from Polygon. The Dogechain allows users to bridge their DOGE holdings to use DeFi services. It can allow users to tap into NFT marketplaces and dApps in the future as well. However, the Dogecoin Foundation confirmed on Twitter- it is not involved in Dogechain. On the other hand, the Dogechain has had a stunning start to its inception. In just five days, they have been able to gather more than 58,000 wallets and 480K transactions. This has put the chain through “significant stress testing” and it received some slowdowns as a result.

DOGE, at the time of writing, was sitting at a foot of the top 10 crypto assets by market capitalization. It was trading at US$0.084 after rallying by 23% this week. However, the bears took charge in the past hours which brought down the price by around 3%. Nevertheless, Dogecoin looked in a good position to build on the hype around the Dogechain.


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