The Polygon Edge-based smart contract system for popular meme token dogecoin, has more than tripled in price in the last seven days.

The token, DC, began to increase in value on Friday, when it was trading at $0.0004 to then climb as high as $0.0018 on Sunday. DogeChain had not reached those levels since hitting its all-time high at the end of August.

The DC token has moved wildly before. It fell 90% from August to September, declining from about $0.004 to $0.0004.

DogeChain, which was launched in mid-August, now has a market capitalization of $46 million. Data from on-chain trackers shows that $5.8 million is locked on Dogechain-based products.

Dogechain community members are now voting on a “great burn” proposal, which determines whether the total supply of the token should be reduced by 80% proportionally throughout all allocations and reduce the vesting period of remaining Early Shibes airdrop from 48 to six months. So far, 99% of votes are in favor.

What is DogeChain?

On August 13, 2022, a team of developers launched Dogechain. Barely 72 hours after launch, Dogechain reported impressive growth statistics. Over 20,000 new wallets created and an excess of 200,000 confirmed transactions.

Dogechain is an EVM-compatible blockchain built using Polygon SDK to create an efficient connection between Dogecoin (DOGE) and Web3. Dogechain’s infrastructure allows DOGE holders to port their DOGE into a blockchain with more possibilities and embrace more opportunities using their DOGE.

Dogechain presents to developers a platform to build DeFi, GameFi, NFT platforms, and other decentralized applications with DOGE as part of its core economic system. Being EVM (Ethereum Virtual Machine) compatible, developers on Ethereum and other EVM blockchains can easily build new applications or bridge their existing applications to Dogechain without changing their original code or learning new programming languages

Dogechain runs the Proof of Stake (PoS) algorithm and offers a scalable, fast, and cheap blockchain to DOGE holders who wish to explore more use cases for their DOGE and the rest of the cryptocurrency community as well. The Dogechain community hopes to build gilt-edge NFT, DeFi, and Web3 platforms and also maintain the core characteristics of the original DOGE community.

This provides almost identical functionality to Polygon chain and other EVM-compatible PoS chains, with the defining characteristic being an ability to enable a connection with the DOGE blockchain.

Developments like this provide utility for the DOGE blockchain and mark important steps away from pure “meme-coin” status and into a functional asset. DogeChain maintains the dog theme and witty atmosphere that Dogecoin offered and aims to uphold the principles of community engagement while offering a low-entry barrier for cryptocurrency and blockchain enthusiasts.