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Dogechain’s layer 2 scaling solution is just a “fake” of DOGE

Dogecoin Foundation board member Jens Wiechers has denied claims that Dogechain is an affiliate product, asserting “paid media” for disseminating misinformation that the two are interconnected. .

Earlier, the DogeDesigner developer tweeted that Dogechain was “another fake token” and provided DOGE holders with information about the KOLs promoting the project.

Incidentally, DogeChain is also the name of the official Dogecoin block explorer.

What is Dogechain?

Dogechain is considered a layer two scaling solution that enables DeFi, NFT, and gaming. However, according to the Whitepaper, DogeChain is built on the “private label” framework Polygon Edge that is compatible with Ethereum, not the Dogecoin network.

Dogechain claims to complement the original by bringing smart contract functionality, thus opening up use cases other than payments.

“With Dogechain, DOGE holders can do more than simply hodl and wait for DOGE to go to the moon!”

Like the original, Dogechain’s stated philosophy revolves around the inclusion and appreciation of the participants. The team also emphasizes a “community-first approach,” stating that there is no token allocation for VCs.

“Dogechain stands for fairness and equal opportunity for all. Our goal is to create a blockchain that the users actually own.”

According to the snapshot, the “DC” token distribution will take place “later this year” by airdropping DOGE balances. The exact mechanics of the process will follow, and interested parties are encouraged to join Discord.

However, CoinMarketCap currently shows three tradable tokens with similar names: DogeChain, DOGECHAINU, and DOGECHAIN. All opened for trading on August 16.

DOGE is back in the top 10

Over the past seven days, DOGE price has been up 23% as dog-themed coin memes enjoy a strong uptrend. During this period, there were no significant new fundamental developments. With such an optimistic price performance, DOGE has overtaken DOT and returned to the top 10.

DOGE spiked 16% to $0.08478 on August 14. Accordingly, the $0.07561 resistance level flipped into support. However, in the past day, the third retest of the $0.08892 resistance was rejected again on August 17 (UTC).