Dogecoin Layer 2 Dogechain up 228% for the week

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Dogechain, launched earlier this year to bring smart contract capabilities to the Dogecoin community, saw its trading value jump over 200% in the past week and over 70% in the past 24 hours, according to CoinGecko. The top also represents a 75% premium from a month ago.

Dogechain’s price soared as high as $0.00176 on Sunday, posting a 228% seven-day gain to a price not seen since September 12.

The spike in value is notable, as Dogechain (DC) had lost 90% of its value since its all-time high at the end of August. Dogechain declined steadily through Friday from $0.004 to $0.0004.

Dogechain is a Polygon-based EVM-enabled Layer 2 blockchain that is inspired by, but distinct from, Dogecoin (DOGE), the eminently popular and joyful memecoin. With the Ethereum merger, Dogecoin became the second-largest proof-of-work cryptocurrency by market capitalization, behind only Bitcoin.

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

Dogechain, which uses wrapped DOGE as a gas, launched on August 16, with its value soaring to $0.0045 on more than $50 million in trading volume in two weeks. It has a market cap of $46 million at the time of this writing, ranked #427 among cryptocurrencies tracked by CoinGecko.

Dogechain is available to trade on around 20 exchanges, with KuCoin and Gate.io each handling nearly 40% of all Dogechain exchanges.

Dogecoin and Dogechain values ​​do not appear to be correlated except for a spike in Dogecoin value at $0.086 the same day Dogechain was launched. Dogecoin has since oscillated between $0.07 and $0.06.

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