DOGE Up 20%, Effects of Dogechain?

Dogechain, A recently launched Blockchain platform that helps users link their dogecoin to the networks Defi, and NFTs marketplace.
Despite Dogechain being vendored as a L2 network for Dogecoin, It runs on the Ethereum Blockchain.

Dogechain, branded as a Layer 2 for the famous meme coin Dogecoin, allows users to link over dogecoin and use it for NFTs, Defi, and games. The million-dollar question is whether it’s a sanctioned project or another meme coin scam.

Dogechain is built on the Ethereum Blockchain and is amicable with the Ethereum Virtual Machine, therefore it’s not a Layer 2 network working on the meme coin Dogecoin. It is based on Polygon Edge, a framework used for building Ethereum chains. The newly launched blockchain is using dogecoin for transactions. The team announced that it was going to drop its own DC token to users of the platform

The dogechain team is preparing to airdrop millions of $DC tokens to the Dogecoin community,” developers said.

While the blockchain has recently been gaining some popularity and the rumors of Dogechain being a Layer 2 for the network Jens Wiechers, legal and governance president at Dogecoin Foundation, decided to clear the air through a tweet

Claims in paid media that Dogecoin launched a "Dogechain" test network are false. Neither @Dogecoin/@dogecoin_devs, nor @BillyM2k, @ummjackson or others associated with @DogecoinFdn are in any way affiliated with the token.

— ⬢ Jens Wiechers ⬡ 🇺🇦 (@jwiechers) August 16, 2022

Roc Zacharias, Polygon DEX QuickSwap co-founder and a core contributor to the newly launched network has a different opinion on Dogechain advising investors to proceed with caution as he stated in a tweet;

“It’s definitely risky stuff, similar to BSC when it first launched. New frontier with lots of potential, but also lots of risk! Be safe and have fun out there friends!”

2) Be careful this is a new chain and it’s literally the Wild West on Dogechain. Be careful and DYOR. It’s definitely risky stuff similar to BSC when it first launched. New frontier with lots of potential, but also lots of risk! Be safe and have fun out there friends!

— Roc Zacharias (@CryptoRocky) August 16, 2022

crypto investor, Roger Avax from Aventures Dao has his own take on Dogechain saying;

“How to Play **NOT INVESTMENT ADVICE**,” Avax posted on Twitter. “Here are the random tokens I bought in the last 1.5 days w/ good outcomes so far- consider selling at local tops & reinvesting in new tokens. more lotto tickets means more shots at moonshot 100xs.”

Interest has risen due to the Layer 2 solutions making the famous meme coin, Doge coins’ price surge up by more than 21% over the week and around 33% over the past month.