Dogechain (DC), a recently introduced cryptocurrency, is posting big numbers in terms of gains since being added to the ever-growing family of the crypto space.
Dogechain trading volume spikes to over $50 million in just two weeks
DC price surges to $0.0045 before experiencing a correction
Dogechain blockchain looks to build up Dogecoin
At press time, according to tracking from Coingecko, the layer 2 digital asset is trading at $0.001433. Over the past 24 hours, it has grown by 18.5%.
Its growth on a weekly, biweekly, and monthly basis is also off the charts, going up by 176.8% during the last seven days and 141.3% over the last two weeks.
On its month-to-date figures, Dogechain is up by 79% as it now sits on a market capitalization of almost $43 million.
Trading Volume Skyrockets For Dogechain
Within two weeks, the new crypto’s trading volume saw a massive surge as it reached over $50 million. At the time of this writing, however, Dogechain’s volume dropped to $33.7 million.
This catapulted the digital asset’s value to $0.0045. That was short-lived however as price correction trimmed the virtual currency’s gains.
There are 20 marketplaces where the altcoin can be traded with Gate.io and Kucoin accounting for almost 40% of all trades that involve the cryptocurrency.
But while Dogechain is having a very good showing in terms of price pump, the EVM-compatible layer 2 blockchain token’s true purpose is to complement meme crypto Dogecoin.
Although the asset carries the “doge” moniker, it is important to remember that it is not an extension of the Dogecoin project and is not built on the DOGE network.
Dogecoin: Unleashing Its Full Potential
Increasing the utility of Dogecoin is the main goal of Dogechain. Holders of the famous dog-themed crypto can take advantage of the added utility that this blockchain gives by wrapping their DOGE holdings with smart contracts.
When this is done, Wrapped DOGE (wDOGE) will be given back to the owners. This new and improved token will then allow them to Defi products as well as NFTs that are powered by the Dogecoin network.
With the help of the Dogechain blockchain, DOGE looks to realize its goal of being at the center of the Decentralized Finance (Defi) ecosystem.
Such a boost is needed by the 10th-ranked crypto in terms of market capitalization and recognized as the “OG” (“original gangster”) meme-based digital token, as it continues to struggle in initiating a bull momentum.
At press time, it is trading at $0.595 and is forecasted by Coincodex to decline over the next five days to change hands at $0.0546. The next 30 days will be bearish for the cryptocurrency as well, as it is predicted to drop all the way to $0.0367.
Crypto total market cap at $891 billion on the daily chart | Featured image from Coincu News, Chart: TradingView.com
Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.