Dogechain Defies Odds Once Again as Prices Rise by an Incredible 257% in a Week

 

While most investors still look down on meme coins, these memecoins have managed to rise against all odds. Although most of the memecoins in the market right now started out as a joke, including the OG Dogecoin, that would eventually change.

What would initially start out as a joke would soon develop into some of the most popular and respected cryptocurrencies in the market. In fact, memecoins have been especially popular thanks to billionaires like Elon Musk vouching for the crypto.

But even without Musk talking about some of these memecoins, they have managed to survive through some of the toughest conditions in the market. And through those condition they have managed to thrive and still remain relevant throughout the crypto space.

Over the past few years, while the are still struggling, memecoins have been able to stay strong regardless. And with the incredible rally that it has recently made, many believe that these cryptocurrencies still have plenty of steam.

A Rise of 257%

One of the most remarkable things about memecoins like Dogecoin is its unpredictability. One moment it could be struggling in the market, and the other it could suddenly surge in price. A good example of this incredible volatility is the most recent Dogecoin, which has managed to rise by 257% in a matter of just a week.

The recent rise has been the result of both incredible timing and a general understanding of the market led to people investing in Dogechain managed to catch lightening in a bottle with its release. The blockchain is running Polygon, and it is already seeing a major rise in its price.

Inspired by Dogecoin

Dogechain is inspired by Dogecoin, which is currently the second-biggest proof-of-stake crypto in the market, right behind Bitcoin. After Ethereum chained its focus on staking for the necessity of climate control, they were able to reduce their total carbon footprint by a remarkable amount.

Dogechain, which also uses DOGE as fuel, managed to boost in value by $0.0045. What certainly helped was that over 20 exchanges were handling these Dogchain transactions. Gate.io and KuCoin make up the bulk of Dogechain transactions, as they account for over 40% of all trades.

It is also working on the proof-of-stake model, which is now gaining a lot of popularity as Ethereum continues to become more popular.

A New Age of Crypto

One of the best things about the crypto market is that it is unpredictable in the best and worst ways. Various cryptocurrencies can rise at a moment’s notice, and most of the market will be especially doing well as soon as Bitcoin manages to surge. When it does, it will help the market rise as well.