Dogecoin Layer 2 Crypto Shoots Up 257% In A Week, Bucking Wider Market Trend

Dogechain DC/USD, a smart contract system for Dogecoin DOGE/USD, witnessed a surge of more than 75% in 24 hours leading to Monday.

What Happened: DC is trading a whopping 121% higher than it was a month ago. It was priced at $0.001809 on Sunday, its highest level since Sep. 24, thanks to a leap of 257.89% in its value over seven days.

It should be noted that Dogechain lost 90% of its value from August to September, declining from $0.004 to $0.0004. 

See More: Is Dogecoin A Good Investment? 

Dogechain is inspired by, but separate from Dogecoin, the popular meme coin. It is an EVM-compatible second-layer blockchain running on Polygon MATIC/USD. Dogecoin became the second-largest proof-of-work cryptocurrency in the world after Bitcoin — as  Ethereum ETH/USD switched from proof-of-work to proof-of-stake.

On Aug. 16, Dogechain, which utilizes wrapped DOGE as fuel, went live, boosting in value to $0.0045, according to CoinGecko. More than 20 exchanges handle Dogechain transactions, with KuCoin and Gate.io accounting for nearly 40% of all Dogechain trades.

Price Action: At the time of writing, Dogechain is trading at $0.001529. DOGE is trading at $0.0593, with a market cap of $8.1 billion, according to Benzinga Pro.

Read Next: Ethereum Rises Above This Major Level; Here Are The Top Crypto Movers For Monday