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The dog emoji token is back! What happened?

Who let the dog out? Last week, the question baffled analysts: Dog-themed meme tokens surged unexpectedly for no apparent reason. The price of Shiba Inu (SHIB) surged 27% at the beginning of the week, and Dogecoin (DOGE) also rose. But what is the reason for the “dogs” to suddenly jump?

Historically, dramatic changes in the price of Dogecoin generally stem from some hyperbole on social media from Tesla boss Elon Musk (formerly known as the “Father of Dogecoin”). But Musk has not spoken about these cryptocurrencies for a long time. Also, SHIB or DOGE don’t seem to have changed much in fundamentals.

On the morning of Aug. 17, both DOGE and SHIB continued to soar, up over 13% and 3%, respectively, outperforming many other altcoins. Futures tracking data shows that DOGE and SHIB have recently liquidated more than $25 million, so the rise in meme tokens may be driven at least in part by futures betting rather than spot trading.

Shiba Inu’s recent surge remains a mystery. The data shows that on the day when SHIB saw the biggest increase, its consumption rate was 825%, but this still only represents emoji coins worth less than $5,000. The token itself has not seen any changes that could have caused such a massive surge, so it is difficult to make any predictions about SHIB.

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What is the “behind the scenes” of Dogecoin’s rise?

On the other hand, there may be more technical reasons behind Dogecoin’s rise. In the face of the stagnation of the entire cryptocurrency market, the price of Dogecoin has risen by more than 10% from August 18 to August 19, and has risen by 25% in the past week, and is currently hovering around $0.085. This is likely due to Dogechain, a brand new network based on Polygon Edge, which acts as a bridge, allowing traders to convert Dogecoins (DOGE) to Wrapped DogeCoins (wDOGE). Dogechain acts as the second layer of DOGE, as Dogecoin is used as the platform’s underlying transaction token and network payments. Thanks to its full compatibility with Ethereum-based smart contracts and transactions, Dogechain also enables developers to create new tokens and non-fungible token (NFT) projects on the blockchain.

The Dogechain team also pledged to airdrop its own DC tokens to users of the platform, but did not disclose further details. This has led to some speculation that the airdrop will be aimed at users who stake their Dogecoin on the network, resulting in increased demand for DOGE in hopes of winning some free cryptocurrency. Dogechain, which went live earlier this week, has locked up about $4.6 million in funds, according to on-chain trackers. Today, Dogechain developers say the network has recorded 480,000 unique transactions and about 58,000 native wallets since going live.

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Interest in ‘Dog’ Tokens Surges

The recent success of the popular meme token has also led many retail investors to switch to a number of alt tokens with the word “shib” or “dog” in their names. However, most of them don’t yet have any legitimate use cases and haven’t had the same impact as SHIB or DOGE.

Choose Phemex, trade SHIB coin and Dogecoin intelligently, and meet more possibilities.

The recent rise in meme tokens shows that “dogs” should never be completely ignored. Even though they may seem a little “silly” at times, they can serve to balance a crypto portfolio. Phemex offers SHIB/USDT and DOGE/USDT currency pairs, you can also trade SHIB/DOGE directly, and you can trade any token you want on the best conditions. In addition to trading more than 50 cryptocurrencies with low fees, Phemex also provides a series of exclusive features, such as: free Bitcoin cloud mining tools, and earning interest on cryptocurrency wallet holdings.

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