Following the recent growth of Shiba Inu [SHIB], it is anticipated that Dogecoin [DOGE], the top-ranked meme coin, would try to make a comeback. SHIB has seen a sharp increase in value during the last week as a result of extensive media coverage. As dog-themed coins compete against one another in the cryptocurrency market, this has placed a strain on the competing Dogecoin. According to behavior analysis platform Santiment’s observations, DOGE whales were extremely active as a result of the latest improvement in the market situation.
The market’s resurrection of meme-tokens has resulted in an expected increase in Dogecoin’s social volume. The DOGE, according to Lunar Crush, is an extremely popular and leading token on social media. Dogecoin has received over 2,100 patrons and received around 375k social citations in the last week. Shiba Inu rose in a comparable pattern during the prior week. Compared to it the social references have experienced a 10% rise.
Many believe that this exponential growth is due to the introduction of “Dogechain.” The network is built on Polygon Edge. This network allows people to utilize DeFi services with the help of DOGE holdings. Users will also be able to access dApps and NFT marketplaces in near future. Dogecoin Foundation has said that it is in no way involved with Dogechain.
Dogechain has seen unprecedented growth from the day it was launched. It has gathered about 480K transactions and 58K wallets in about five days. Since it has shown such tremendous changes, it was put through significant pressure tests. This has caused some slowdowns.