Dogechain (DC) crypto continues to soar: All questions answered

Highlights

• Dogecoin, a meme token that dates back to 2013, seems to have a new competitor named Dogechain
• Dogechain claims it adds more dimensions to the Dogecoin project, possibly through Web 3.0 features like gaming and NFTs
• Experts are warning enthusiasts against any impulsive move since Dogechain is very new in the cryptoverse

Amid a much bigger debate over whether meme coins have utility, a new cryptocurrency launch has virtually everyone talking. This new crypto is Dogechain, with ticker DC, and its trading volume of millions of dollars is evidence of its popularity in the cryptoverse.

Let us explore whether this new crypto is worth the hype, especially when some quarters are calling Dogechain crypto a scam. As the name suggests, Dogechain is making an attempt to cash in on the popularity of meme token Dogecoin. Answers to many questions that enthusiasts might have about this new crypto are covered below.

What is Dogechain and how is it possibly linked to Dogecoin?

Dogechain claims to be a new blockchain layer solution that can support decentralised applications (DApps), non-fungible tokens (NFTs), and so on. The official website of the project is highlighting Web 3.0 aspects like blockchain gaming, community ownership and the deployment of new applications.

There seems to be no direct link between Dogecoin and Dogechain. Dogecoin, which is one of the top meme cryptocurrencies dating back to 2013, is a billion-dollar market cap crypto as of writing. Overall, it ranks among the top 10 cryptos with Bitcoin as No. 1. The Dogechain project is being advertised as “built by Dogecoin holders”. It is in the news that Billy Markus, one of the founders of Dogecoin, has denied to endorse Dogechain.

Is Dogechain better than Dogecoin?

Dogecoin has its blockchain, but as of now, it is said that the blockchain cannot support Web 3.0 apps. Dogechain might add this Web 3.0 support by being a layer on top of Dogecoin. This feature, Dogechain claims, can enable Dogecoin holders to partake in Web 3.0 activities like decentralised finance and gaming.

Even Dogecoin’s utility is a hotly debated subject, and hence Dogechain, which has only recently entered the crypto world, has a long way before it competes with Dogecoin or other major cryptos.

Also read: SEC calls Forsage “crypto fraud” and “Ponzi”: Will Forsage continue?

How is Dogechain crypto faring?

Dogechain (DC) crypto’s ride so far has been quite impressive. CoinMarketCap -- which started tracking the token’s price on 25 August 2022 -- suggests an upward movement in price and trading volume. As of writing, the price of one Dogechain token is almost US$0.004 with a 24-hour trading volume of over US$50 million. Dogechain is not yet listed for trading on a major exchange like Binance.

Notably, the Dogecoin (DOGE) token has lost value over the past week.

Data provided by CoinMarketCap.com

Bottom line

There are murmurs about scams and experts are advising caution with respect to Dogechain cryptocurrency. The new token has been rising since its launch, however, cryptos are notorious for manifesting extreme volatility.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.