The price of cryptocurrency Dogechain (DC) has tripled over the past week as investors warm to the digital token, according to data from CoinGecko.
Dogechain is a Polygon Edge-based smart contract system for popular meme crypto Dogecoin (DOGE). It began to increase in value last Friday (October 21) when it was trading at $0.0004 U.S. By October 23, the price had climbed as high as $0.0018 U.S.
Dogechain was launched in mid-August of this year, and its price has swung wildly, hitting an all-time high at the end of August.
The token’s price fell 90% from August to September, dropping from $0.004 U.S. to a low of $0.0004 U.S. Dogechain currently has a market capitalization of $46 million U.S.
The Dogechain community is voting now on a “great burn” proposal that would reduce the total supply of the token by 80% and reduce the remaining vesting period from 48 months to six months.
So far, 99% of votes cast are in favour of reducing the supply of Dogechain and its vesting period, developments that could increase demand for the cryptocurrency.
