According to data from CoinGecko, in the past week, DogeCoin saw a jump of over 200% in its trading volume. However, as of the 24th of October, in the past 24 hours, it saw a 70% jump in trading value. Its trading value was increasing day by day over the past week, which shows how much it is growing.
DogeCoin was launched earlier this year, and its purpose was to bring smart contract capabilities to the Dogecoin community, which it seems to fulfill. On Friday, DogeCoin’s price was $0.0004, which climbed as high as $0.00176 on Sunday. Over the past seven days, it saw a 228% gain over at the price point, which it has not seen since the 12th of September.
On the 23rd of October, Dogecoin tweeted that traffic is picking up again frens, and it looks like much more is coming with staking and veDC right around the corner. They also claimed that they had captured more than 1.28 million transactions over the past 24 hours.
DogeCoin’s new spike value is notable, as it had lost 90 percent of its value at the end of August. Dogecoin’s all-time high value was $0.004 which dropped to $0.0004.
DogeCoin is a layer-2 blockchain based on Polygon, is compatible with EVM, and is known as a famous meme coin. After merging with Ethereum, it became the second-largest proof-of-work cryptocurrency by market cap. But, in terms of storing value and making payments, it lacked the utility of cryptocurrencies like Ethereum. This lacking feature was useless in fast-growing crypto sectors like NFTs, DeFi, and gaming, which brought DogeCoin value low.
One of the most important purposes of building DogeCoin was to extend the technical capabilities of the sprawling community. The community of DogeCoin has initiated a discussion of a burn of the total supply of $DC tokens. After its jump in trading value, it seems that its other values will also increase.