Following reports of the creation of “Dogechain” a new blockchain marketed as a layer 2 solution for the largest meme coin by market capitalization, the Dogecoin community keeps getting news about the new blockchain.
Recently, a report from Gokhshtein Media shared that co-founder of Dogecoin Billy Markus, also known as Shibetoshi Nakamoto, allegedly refused Dogechain’s offer for promoting the new blockchain.
Given Markus’s refusal, the amount of the offer might raise some eyebrows. Billy Markus allegedly refused over 10 Billion DC (Dogechain’s native token), an amount that translates to approximately $14 million US Dollars.
Markus has been dismissive of the new Blockchain, according to him, “no one cares anyway”, in regards to Dogechain.
The fact that some of the major Dogecoin personalities are not only trying to refrain from any relationship with Dogechain but also taking out the time to inform that the blockchain has no relationship whatsoever with Dogecoin might be seen as a red flag.
The blockchain marketed itself as a Layer 2 solution for Dogecoin, but the former is not true.
Dogechain is not a true layer 2, which is a solution built on top of layer 1, like Ethereum.
Instead, it employs the use of Polygon Edge, a unique blockchain application from another layer 2.
Many are skeptical about the blockchain, especially after last week when Dogechain was caught dumping millions of DC tokens by the minute.
To make matters more suspicious, users receiving a Dogechain airdrop were unable to sell the token during the dump, unless they paid a hefty fee of nearly $16.000.
DC Token Performance
Despite the several red flags, the DC Token was holding remarkably well until today.
The token began the week valued at around $0.0008 dollars. In just under three days, DC saw a rise of nearly 128%, reaching up to $0.004 dollars.
However, Dogechain’s token saw a near 30% loss today, dropping from $0.0036 to $0.0028 in less than four hours.
Community’s Opinion on Dogechain
As of right now, the general opinion of the Dogecoin community about Dogechain is very diversified.
Part of the community believes that the project is a scam and that investors shouldn’t risk their money on it.
On the other hand, some believe that the blockchain could be a valuable addition to Dogecoin’s community.
The blockchain counts with over 100 projects applied on the platform. Dogechain also claims that they are building several dApps to be added to the blockchain’s ecosystem.