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Dogecoin: Dogechain is surprisingly becoming a course driver

 


Dogechain advertises itself as a second-layer solution based on the Dogecoin blockchain. In fact, however, it is based on Polygon Edge technology and is therefore EVM-compatible. Thus, the Dogechain makes it possible to invest in the full variety of decentralized financial applications and NFTs.


To do this, Dogechain users must first convert their DOGE to wDOGE. So this is a wrapper for Dogecoin. The idea of ​​making investments on another chain with tokenized dogecoin is well received despite the distorted representation of what the dogechain is. The dogechain quickly became a topic via social media and the DOGE course was able to pick up.


Even a statement from the Dogecoin Foundation could not cloud the miniature rally. The foundation quickly made it clear that it was not involved. In general, it is advisable to be careful with the dogechain. It wouldn't be surprising if a chasm suddenly opened up and investors lost their money again to exploits or other adversities.


Dogecoin also remains dependent on monetary policy

Currently, however, the narrative surrounding the dogechain is not decisive. Instead, the focus will be on whether the US stock market continues to rally or whether it was just a correction and therefore a bear market rally.


Today the FOMC Minutes will be published, which could reveal between the lines how the Fed will act at the next meeting in late September. Even if it may sound a little absurd, the Dogecoin course is therefore dependent on the monetary policy of the US central bank.


Bullish market participants are betting on a disparity, hence that the economy is going through a recession, but the markets are still posting splendid gains. For those who are bearish, expect markets to collapse as monetary policy tightens and the recession kicks in.


From a technical point of view, it would be important for Dogecoin to clear the resistance at $0.09 in order to actually break out bullish. If this is not the case, DOGE could fall back into the range in which the price has been moving since the end of June. However, a break below $0.05 would be a clearly bearish signal for the mother of all memecoins.

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