{"id":255651,"date":"2022-08-17T10:30:08","date_gmt":"2022-08-17T09:30:08","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=255651"},"modified":"2022-08-26T14:17:52","modified_gmt":"2022-08-26T13:17:52","slug":"the-dogecoin-team-warns-dogechain-is-another-knockoff-token","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/the-dogecoin-team-warns-dogechain-is-another-knockoff-token\/","title":{"rendered":"Dogecoin team warns Dogechain is &#8216;another knockoff token&#8217;"},"content":{"rendered":"<p>Dogecoin Foundation board member <a href=\"https:\/\/twitter.com\/jwiechers\/status\/1559576884182237186\">Jens Wiechers<\/a> rubbished claims that <a href=\"https:\/\/cryptoslate.com\/coins\/dogechain\/\">Dogechain<\/a> is an affiliated product, saying &#8220;paid media&#8221; have disseminated false information that the two are connected.<\/p>\n<p>This follows an earlier tweet from Dogecoin developer <a href=\"https:\/\/twitter.com\/cb_doge\/status\/1552309702297780224\">@cb_doge<\/a>, who posted that Dogechain is &#8220;another knockoff token,&#8221; while giving DOGE holders the heads up on influencers promoting the project.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Dogechain is not linked with <a href=\"https:\/\/twitter.com\/hashtag\/Dogecoin?src=hash&ref_src=twsrc%5Etfw\">#Dogecoin<\/a> in any way.<\/p>\n<p>\u27a1\ufe0f It&#39;s another knockoff token.<br \/>\u27a1\ufe0f Avoid the influencers collaborating with them.<br \/>\u27a1\ufe0f Don&#39;t risk your precious Doge.<br \/>\u27a1\ufe0f Share with other shibes.<br \/>\u27a1\ufe0f Do Only Good Everyday! <a href=\"https:\/\/t.co\/b3AE97oNeP\">pic.twitter.com\/b3AE97oNeP<\/a><\/p>\n<p>&mdash; DogeDesigner (@cb_doge) <a href=\"https:\/\/twitter.com\/cb_doge\/status\/1552309702297780224?ref_src=twsrc%5Etfw\">July 27, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Incidentally, <a href=\"https:\/\/dogechain.info\/\">DogeChain<\/a> is also the name of Dogecoin's official block explorer.<\/p>\n<h2>What is Dogechain?<\/h2>\n<p><a href=\"https:\/\/dogechain.dog\/\">Dogechain<\/a> is billed as a layer 2 scaling solution enabling DeFi, NFTs, and gaming. However, per its <a href=\"https:\/\/dogechain.dog\/DogechainWP.pdf?v=20220801\">whitepaper<\/a>, DogeChain is built on the Ethereum-compatible <a href=\"https:\/\/polygon.technology\/solutions\/polygon-edge\/\"><span dir=\"ltr\" role=\"presentation\">Polygon Edge<\/span><\/a> &#8220;private label&#8221; framework, not the Dogecoin network.<\/p>\n<p>Dogechain claims to complement the original by bringing smart contract functionality, thus opening up additional use cases beyond just payments.<\/p>\n<blockquote><p>&#8220;<span class=\"article\">WIth Dogechain, Dogecoin holders can do more than simply hodl and wait for Dogecoin to moon!<\/span>&#8220;<\/p><\/blockquote>\n<p>Like the original, Dogechain's stated philosophy revolves around inclusivity and valuing participants. The team also emphasized its &#8220;community-first approach,&#8221; saying there was no VC allocation of tokens.<\/p>\n<blockquote><p>&#8220;<span class=\"article-2\">Dogechain stands for fairness and equal opportunity for all. Our goal is to create a blockchain that is truly owned by the people.<\/span>&#8220;<\/p><\/blockquote>\n<p>Token distribution of &#8220;$DC&#8221; will occur &#8220;later this year&#8221; via an airdrop of snapshotted DOGE balances. The exact mechanics of the process will follow, with interested parties encouraged to join the Discord.<\/p>\n<p>However, CoinMarketCap currently shows three tradable tokens with similar names: DogeChain, DOGECHAINU, and DOGECHAIN, all of which opened trading on August 16.<\/p>\n<h2>Dogecoin re-enters the top 10<\/h2>\n<p>Over the last seven days, <a href=\"https:\/\/cryptoslate.com\/coins\/\">Dogecoin<\/a> jumped 23% amid a broader uptrend for dog-themed meme coins. During this period, there have been no new significant fundamental developments. This performance saw Dogecoin leapfrog Polkadot and re-enter the top 10.<\/p>\n<p>DOGE spiked 16%, to as high as $0.08478, on August 14. In doing so, the $0.07561 resistance level has flipped to become support. However, over the last day, the third retest of $0.08892 resistance was rejected again in the early hours of August 17 (GMT).<\/p>\n<figure id=\"attachment_255680\" aria-describedby=\"caption-attachment-255680\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-255680 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/DOGEUSDT_2022-08-17_09-47-49.png\" alt=\"Dogecoin daily chart\" width=\"1280\" height=\"581\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/DOGEUSDT_2022-08-17_09-47-49.png 1280w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/DOGEUSDT_2022-08-17_09-47-49-300x136.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/DOGEUSDT_2022-08-17_09-47-49-1024x465.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/DOGEUSDT_2022-08-17_09-47-49-768x349.png 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><figcaption id=\"caption-attachment-255680\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/\">DOGEUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p>Crypto investor and analyst Miles Deutscher attributed the recent buoyant price action to the launch of Dogechain. In the same tweet, he also made a case for meme coins acting as a &#8220;gateway&#8221; for the broader crypto market.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24DOGE&src=ctag&ref_src=twsrc%5Etfw\">$DOGE<\/a> is pumping following the launch of DogeChain. <\/p>\n<p>But could this have broader implications for the crypto market? <\/p>\n<p>Meme coins were highly efficient at capturing retail liquidity in 2021, with profits generally siphoning off into ulterior market sectors. \ud83d\udc47<\/p>\n<p>&mdash; Miles Deutscher (@milesdeutscher) <a href=\"https:\/\/twitter.com\/milesdeutscher\/status\/1559480883648024576?ref_src=twsrc%5Etfw\">August 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dogecoin Foundation board member Jens Wiechers rubbished claims that Dogechain is an affiliated product, saying &#8220;paid media&#8221; have disseminated false information that the two are connected. This follows an earlier tweet from Dogecoin developer @cb_doge, who posted that Dogechain is &#8220;another knockoff token,&#8221; while giving DOGE holders the heads up on influencers promoting the project. [&hellip;]<\/p>\n","protected":false},"author":460,"featured_media":255694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107,77497,77032],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dogecoin team warns Dogechain is &#039;another knockoff token&#039;<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/the-dogecoin-team-warns-dogechain-is-another-knockoff-token\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dogecoin team warns Dogechain is &#039;another knockoff token&#039;\" \/>\n<meta property=\"og:description\" content=\"Dogecoin Foundation board member Jens Wiechers rubbished claims that Dogechain is an affiliated product, saying &#8220;paid media&#8221; have disseminated false information that the two are connected. 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