Dogecoin Gets Utility through Dogechain, an EVM Compatible Chain Built for Web3 Dapps
Dogecoin, which was created nine years ago by Jackson Palmer and Billy Markus, allows peer-to-peer payments on a decentralized network, but the web3 ecosystem hasn’t done much with it outside of using it as a form of payment for buying, selling, tipping, crowdsourcing and fundraising. Incorporating the Dogecoin cryptocurrency into Doge-themed projects like NFTs, games, DeFi, and more is now possible thanks to Dogechain, which gives developers access to the Web3.
Benefits of Dogechain for Dogecoin Users
Roc Zacharias, CEO of Lunar Digital Assets and Co-Founder of QuickSwap, clarifies that Dogechain is not a project affiliated with Dogecoin. However, the widely used Dogecoin may be scaled with the help of Dogechain, which utilizes less energy to run dApps and facilitate transactions. With its Polygon Edge construction and compatibility with the Ethereum Virtual Machine, Dogechain is a bridge that can run Ethereum-specific software like apps and games. Users of Dogecoin can utilize it as a bridge to access DeFi, NFTs, gas charge payments, participation in DAOs, and other services by exchanging their DOGE for wDOGE proof of stake tokens.
Applications for grants can also be made by projects who aim to create and build on the Dogechain. Questions like “What are you doing to grow the use of DOGE? Is it fun?” are one of the most important requirements for receiving a grant, ecosystem assistance, or co-marketing.
Dogecoin’s Insane Price Action
Elon Musk, the CEO of Tesla, SpaceX, and now Twitter, is one of the many influential people in the world who loves Dogecoin. The Dogecoin and other cryptocurrency communities are speculating on whether Musk intends to incorporate the DOGE coin into the recently announced NFT Tweet Tiles update on the social media platform. There’s also a rumored crypto wallet being developed that supports crypto deposit and withdrawal, as revealed by Jane Manchun Wong, a famous tech influencer.
All this news and speculation have made Dogecoin’s price rally in recent days; up by 60% in the last 24 hours at the time of writing. With news of Dogechain offering the much-needed scalability solution to the popular DOGE cryptocurrency, further price action can be anticipated.
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