The launch of Dogechain last week has been a factor in making the price of Dogecoin (DOGE) skyrocket. Dogechain is a layer 2 of Dogecoin that provides access to NFTs, Games and DeFi to DOGE users.
However, the blockchain platform is not built on Dogecoin but on the Polygon network.
Dogechain revealed its plan to enable the Dogechain dApps ecosystem to use wrapped DOGE, which is cryptocurrency backed by crypto value or other original assets such as gold, shares and used on DeFi platforms as currency.
This allows Dogechain to make transactions with other blockchains. In bulk, the platform promises to bring DeFi and utility to Dogecoin allowing users to bridge DOGE to Dogechain to receive wrapped DOGE and use it as gas on the chain.
The string, its feasibility has attracted the attention of DOGE users, further leading to a spike in the price of the token. The Dogechain team says the launch has been well received by the DOGE community.
In the meantime, the platform has attracted as many as 74,983 wallet addresses and 901,935 total transactions which has also caused the Dogechain team to face network issues including the deposit and withdrawal process being slow because many users have entered the platform at the same time.
Dogechain has experienced an incredible response over the past few days, the hype of Dogechain has rocked the internet including a very incredible amount.
