Despite massive controversies surrounding the newly-launched memecoin, Dogechain (DC), the cryptocurrency’s value has skyrocketed.
Four days after its launch, the newest meme-based cryptocurrency has seen its value soar by over 200%. Yesterday, the cryptocurrency hit a new all-time high of $0.003992, according to data from Coinmarketcap.
DC coin started trading at around $0.0009 and reached as high as $0.003992 in a few days.
What’s Fueling DC Value
Investors who missed out on the massive rally of other meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw the inception of DC as an opportunity to also participate in the meme coin frenzy.
The massive rally of Dogechain came after popular cryptocurrency exchange KuCoin announced it would be listing the DC coin on its platform.
KuCoin noted that the cryptocurrency would launch under the trading pair DC/USDT, and trading officially commenced on August 27, 2022. The exchange also announced an airdrop of 15 million Dogechain tokens for its users.
Celebrating #Dogechain $DC being listed on #KuCoin: Share a 100 Million $DC Prize Pool!
Activity details: https://t.co/zxOS0qQx0z
? 15,000,000 $DC Airdrop ?
✅ Follow @kucoincom @DogechainFamily & RT
Complete the gleam tasks to win an equal share of the prize pool! ⬇️⬇️
— KUCOIN (@kucoincom) August 26, 2022
In a similar development, another leading centralized exchange, MEXC Global, also listed Dogechain for trading. The listing of Dogechain propelled the cryptocurrency price to skyrocket to an ATH of $0.003992.
Although the price of DC has retraced to $0.003725, the enthusiasm for digital currency is still building.
Controversies Trail Dogechain
It is worth noting that Dogechain has had its own fair share of controversies since it went live. According to ZachXBT, 20 million units of DC were sent to a cryptocurrency wallet linked to the token’s deployer. The popular cryptocurrency investigator also noted that the wallet started dumping the tokens on investors moments after receiving the funds.
As reported by TheCryptoBasic, Billy Marcus, the founder of Dogecoin, was allegedly offered $14 million to promote DC. However, Marcus turned down the offer as he is only committed to the Dogecoin project.
“Billy was offered to get 10B DC from Dogechain to promote their project. That is, at the current price, 14 MILLION DOLLARS. BillyM2k turning down this much money to avoid betraying your community is worthy of our deepest respect,” a Twitter user with the username VEE said.
Interestingly, despite these accusations, investors do not seem bothered as they continue to push its price to new levels.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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