Dogechain is the latest meme token that has taken the spotlight in the crypto market. This development comes after the dog-themed coin tripled in price four days after its launch.
Interestingly, the crypto asset was boosted by 300% between Thursday and Monday, allowing early investors to rack up enough profit. So far, the token has surged by 25% today. The meme token debuted in the indices at $0.0009 and deleted a zero the next day. It reached an all-time high of $0.0009 on Sunday after spiking 300% in four days.
Notably, Bitcoin is not having the best times in the crypto market because its price fell below the $20,000 mark, pulling down other crypto assets. In addition, the markets crashed after the Chair of the Federal Reserve, Jerome Powell, spoke about yet another interest rate hike to combat inflation. However, Dogechain continues to soar despite the bear market situation.
Why Did Dogechain Spike 300% Despite the Market Crash?
The new memecoin spiked after KuCoin, a leading crypto exchange, announced that it would support the token for trading on launch day. As one of the biggest crypto platforms, KuCoin has nearly 20 million users worldwide, and the listing opened the floodgates of investors into Dogechain.
Besides listing DC, KuCoin also created a ‘carnival prize pool’ allowing users to earn rewards and airdrops of DC. The ‘Dogechain Listing Carnival’ grabbed more eyeballs and made investors make a beeline to hold the token.
The meme token was also listed on Gate.io, MEXC Global, and LBank the same day.
Therefore, all these developments made Dogechain spike 300% in four days and reached a new all-time high. However, only time will tell whether the dog-themed token can deliver impressive gains or will trade backwards from here.
The memecoin was trading at $0.00361106 and is up 19.6% in the 24 hours day trade.