Dogecoin (DOGE), a meme coin widely supported by Elon Musk, is trending in the retail investment market after the Dogechain launch. As of now, the coin trades at $0.08044 and is expected to hit $1 soon.
Dogechain is basically a Polygon Edge-based bridge where traders can exchange Dogecoin for wDOGE, and a proper network where developers can build dapps, and use tokens for NFTs and products.
Additionally, it also supports Ethereum-based transactions and smart contracts, while having its own network using Polygon Edge.
Dogecoin initially was launched as a meme coin after a famous dog meme. Ever since its launch, traders have shown keen interest in it, especially after Elon Musk added the coin as a payment method on TESLA.
According to Musk, Dogecoin had more utility because of its cheap price than Bitcoin. He believes DOGE can be used for everyday monetary exchange.
Now, retail investors and traders are showing interest after the Dogechain launch. DOGE, as a basic token, is expected to compete against other blockchains’ tokens because users on Dogechain will be required to pay the transaction fees and other trades in DOGE.
Dogechain will also airdrop DC tokens in the coming weeks; probably to those who are using the bridge to covert their dogecoin.
As a result, the sudden demand for DOGE increased and prices surged this week for short-term trends.