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Dogechain price prediction: Volatile gains for DC

By Raphael Sanis

13:15, 26 October 2022

Dogechain
Dogechain is described as a layer 2 network for DOGE, despite being built on Polygon – Photo: Shutterstock

Dogechain is applying the layer two solutions used by Ethereum (ETH) to improving the usability of its blockchain to the Dogecoin blockchain, by bringing more usecases to the meme token.

Investors can use DOGE to participate in decentralised finance (DeFi) ,or mint non-fungible tokens (NFTs). This was made possible through the Dogechain network.

Dogechain’s native DC token is now surging, after a vote to reduce its token supply by 80%

What is Dogechain?

Dogechain, described as a layer-2 for Dogecoin, is not built on the DOGE network and has no official connection to the original meme token.

However, its website said: “Dogechain supercharges Dogecoin to bring crypto applications like NFTs, games, and DeFi to the Dogecoin community… With Dogechain, Dogecoin holders can do more than simply hodl and wait for Dogecoin to moon!”

It claims to be bringing more utility to the DOGE meme token through the introduction of DeFi features. The network used the Polygon Edge (MATIC) framework to build its proof-of-work network, which gives it the capability to host decentralised applications (dApps).

Dogechain is hoping that its network will bring casual holders into Web 3.0. Its many use cases include NFT exchanges, GameFi opportunities, DeFi trading and more.

The DC token

There are two cryptocurrencies integral to the blockchain: the original DOGE meme token, and Dogechain’s own DC token.

DOGE can be bridged onto the blockchain by a smart contract that burns DOGE and mints wDOGE. This wrapped version of the cryptocurrency can then be used across Dogechain’s dApps.

DC is the utility and governance token on Dogechain. A total of 12% of DC’s total supply of one trillion tokens will be distributed to wDoge holders

Its whitepaper said: “This community-focused token serves as a primary governance token for the Dogechain blockchain and comes with various use cases.”

Dogchain uses a decentralised autonomous organisation (DAO) to maintain the network. DC investors can vote on various decisions, including those that impact its treasury, which is 29% of the total supply.

Other perks of holding the DC token include access to an exclusive Discord group and free tickets to the Dogechain conference, which brings together ecosystem builders.

Dogechain price history

Dogechain’s native token is relatively new to the industry, having only launched in August 2022. Its token went live at $0.0007 towards the end of that month. Almost immediately, it saw a surge in network activity, hitting six million transactions and 200,000 unique wallets.

SOL/USD

170.51 Price
+0.070% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

ETH/USD

3,504.65 Price
-0.110% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.13 Price
+2.890% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

66,799.25 Price
-0.360% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

This came after a DC airdrop to those who have bridged their DOGE tokens onto the network and received wDOGE. DC was also listed on the Gate.io exchange on 28 August.

The following day, dogechain rocketed to its all-time high of $0.004. It subsequently fell back, and closed the month at $0.002.

In recent dogechain news, a vote is taking place to burn 80% of its total supply. At the time of writing, 99% of voters are in favour of the proposal.

DC has surged above its launch price again. As of 26 October, it was trading at $0.001, up a staggering 247% in the previous seven days.

Dogechain price predictions

At the time of writing, CoinCodex’s DC price prediction said there was neutral sentiment, with 11 bullish technical indicators and 11 signalling “sell”. Meanwhile, the fear and greed index displayed “fear”.

The site’s dogechain price prediction for 2022 said the token would have gained by 82% to $0.002 on 25 November.

A gradual rise was anticipated in DigitalCoinPrice’s long-term dogechain coin price prediction. It said DC would have averaged at $0.0014 this year and $0.0038 in 2025. Its dogechain price prediction for 2030 said the token should have climbed to $0.008.

PricePrediction expected similar gains for the meme token. DC was thought to have averaged at $0.002 in 2022 and $0.003 next year. The site’s dogechain price prediction for 2025 suggested it could have surged to $0.006 and hit $0.039 in 2030.

CryptoPredictions was more reserved with its forecast. The site’s dogechain crypto price prediction said the token would have an average price of $0.001 in January 2023 and $0.004 at the beginning of 2025.

When considering a DC price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. Never trade with money that you cannot afford to lose.

FAQs

Is dogechain a good investment?

Dogechain is bringing more utility to the DOGE cryptocurrency with its DeFi features. However, it is important to note that DOGE is a volatile meme token.

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the Gravy token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

Will dogechain go up or down?

At the time of writing, DC’s recent rally has led to some bullish price predictions, including from DigitalCoinPrice. But CoinCodex’s fear and greed index was displaying fear.

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the DC token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. Never put at risk more money than you can afford to lose.

Should I invest in dogechain?

Whether you should invest in dogechain is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose, because prices will go down as well as up.

Markets in this article

DOGE/USD
DogeCoin / USD
0.1291996 USD
0.0036055 +2.890%
ETH/USD
Ethereum / USD
3504.65 USD
-4 -0.110%
MATIC/USD
MATIC/USD
0.55977 USD
0.00802 +1.510%

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