The future of DOGE after the testnet launch of the Dogechain
- In the last 24 hours, the value of DOGE increased by 13%.
- The trading volume of the cryptocurrency was increased by 34%, which signals network activity.
- The Dogechain testnet launch can contribute to further growth of the DOGE cryptocurrency.
Follow Invezz on Telegram, Twitter, and Google News for instant updates >
Dogecoin DOGE/USD is one of the largest cryptocurrencies that fall into the category of meme coins.
This specific cryptocurrency managed to take the internet by storm and built up quite a large community of investors who are a lot more casual in regards to investments, as it always represents an easy entry point into the crypto space due to its low cost.
However, the Dogecoin ecosystem is constantly evolving and can potentially increase its utility and value going forward.
Dogecoin’s Dogechain testnet as a catalyst for growth
Dogechain has officially launched its testnet, which brings a solid evolution in regards to the utility found within the Dogecoin (DOGE) cryptocurrency.
This means that we could see Dogecoin get implemented in decentralized applications (dApps) and power decentralized finance (DeFi) as a whole.
According to the official documentation, Dogechain is built on Polygon Edge with the goal of letting the project bootstrap a new blockchain network whilst providing full compatibility with Ethereum ETH/USD smart contracts and transactions.
Furthermore, it utilizes IBFT (Istanbul Byzantine Fault Tolerant) consensus mechanism and supports PoS (proof of stake).
While this is just a testnet, it is an essential component in the development of a blockchain.
This testnet is aimed at letting developers evaluate the network and test dApps prior to their deployment on the mainnet.
Through it, users can mint and exchange non-fungible tokens (NFTs), pay for gas fees using DOGE, take advantage of GameFi, participate in Decentralized Autonomous Organizations (DAOs), and a lot more.
Should you buy Dogecoin (DOGE)?
On June 16, 2022, Dogecoin (DOGE) had a value of $0.0582.
Dogecoin (DOGE) had its all-time high value on May 8, 2021, when the token reached a value of $0.731578.
When we look at how the token performed in May, its highest point of value was on May 5 at $0.137. Its lowest point was on May 12 at $0.07248.
Here we can see that the Dogecoin (DOGE) cryptocurrency decreased in value by $0.06452 or by 47%.
However, with the launch of the Dogechain testnet and the future utility that this cryptocurrency has, we can expect it to reach $0.1 by the end of June 2022, making it a worthwhile cryptocurrency to get.
Get started in crypto easily by following crypto signals & charts by pro-trader Lisa N Edwards. Sign-up today for easy-to-follow trades for tonnes of altcoins at GSIC.