DogeChain was launched as an Ethereum Virtual Machine (EVM)- Compatible chain and its theme was completely based on famous meme token i.e. dogecoin. Dogecoin represents a large number of individuals who loves making money and community with a combination of laughter. The thing that billionaires like Elon Musk also joined the community has simply added to the Dogecoin craze. Today, it is the tenth biggest digital currency by market cap and it is worth 8.4 billion dollars.
In 2020, Elon Musk started showing interest in it and the coin experienced its most significant cost breakout with trading volume of $70 billion daily by April. The price hit the market cap of almost $90 billion and hit its all time high price of $0.7376. From that point, Dogecoin has stayed in the main 20 digital currencies by market cap and this month (July, 2022), it has become the tenth biggest crypto currency with a market cap of worth 8.4 billion dollars.
Coming towards the Dogechain, the blockchain developers stated that anybody who bridges over and utilized the chain would get airdrops. On August 24, Dogechain launched their DC token by means of airdrop to qualifying wallets. The passing standard was any Dogechain wallet that had intereacted with the protocol before 23rd August. This would require adding Dogecoin (DOGE) liquidity into the Dogechain protocol.
Dumping of 1 Million tokens by developer wallet:
Just recently, a user of Reddit posted that the Dogechain dev wallet mentioned by @ZachXBT was dumping the 20 billion tokens got from the airdrop at a pinnacle of 1 million tokens per minute. According to that user, the DC token holders for the most part can’t dump their tokens as there is a fee of about 8 million DC token to bridge the Ethereum chain, in addition to minimum transfer of 9 million DC tokens ($16,000).
The Dogechain official Twitter has not answered any of the comments about what’s going on. Dogecoin also warned the users not to risk their DOGE. Dogechain pitched itself as a layer 2 scaling solution to bring DeFi, gaming and NFTs to Dogecoin. Acquiring from the Dogecoin philosophy, the whole team behind Dogechain said the project is community based and supports the idea of fairness and equality.