Dogechain up 228% in the past week!

Dogechain, launched earlier this year to bring smart contract capabilities to the Dogecoin community, has seen its exchange value jump over 200% in the past week and over 70% in the past 24 hours, according to CoinGecko. This peak also represents a 75% premium over a month ago.

From $0.0004 on Friday, Dogechain’s price climbed to $0.00176 on Sunday, recording a 228% gain in seven days to a price point not seen since September 12.

Traffic is picking up again frens! 🚀

And it looks like much more is coming with staking and veDC right around the corner 👀 pic.twitter.com/3Wpsrt54W1

– Dogechain💜 (Giving away a Tesla) (@DogechainFamily) October 23, 2022

The spike in value is notable, as Dogechain (DC) had lost 90% of its value since its all-time high in late August. Dogechain had fallen steadily over those two months, from $0.004 to $0.0004.

Dogechain is a Polygon-based EVM-compatible Level 2 blockchain inspired by, but separate from, Dogecoin (DOGE). With the Ethereum merger, dogecoin has become the second largest proof-of-work crypto-currency in terms of market capitalization, behind bitcoin.

But with use cases limited to value storage and payments, Dogecoin lacked the utility of crypto-currencies like Ethereum, which are useless in fast-growing crypto sectors like NFT, DeFi and gaming. Dogechain was created by Dogecoin enthusiasts to expand the technical capabilities of the community.

The Dogechain community started a discussion on “A significant burn in the total supply of $DC tokens“, with figures ranging from 50% to 80%.

Dogechain, which uses packaged DOGE as its gas, launched on August 16, with its value soaring to $0.0045 on over $50 million in trading volume in two weeks. Its market capitalization stands at $46 million today, ranking it 427th among crypto-currencies tracked by CoinGecko.

Dogechain can be traded on about 20 marketplaces, with KuCoin and Gate.io each handling nearly 40% of all Dogechain trading.

The values of Dogecoin and Dogechain do not appear to be correlated, with the exception of a spike in Dogecoin’s value to $0.086 on the same day that Dogechain launched. Since then, Dogecoin has hovered between $0.07 and $0.06.