Dogechain Price Keeps Rising Amid Scam Allegations

Dogechain (DC) has increased by 63% in the last 24 hours. The token hit an all-time high of $0.00406 just a few hours ago.

Dogechain describes itself as a Layer-2 solution capable of bringing decentralized applications and non-fungible tokens to Dogecoin users.

Popular crypto management company ZachXBT noted that a wallet directly linked to the developer received 20 billion DC tokens and started selling them to users.

According to reports, Dogecoin co-founder Billy Markus has refused to advertise Dogechain for a whopping $14 million. If he accepts the offer, this will be seen as a betrayal of the fans of the meme-coin he co-created in 2013.

The Dogecoin community has been interested in the Dogechain project for quite some time. Many accuse the Layer-2 solution of being a blatant scam aimed at convincing Dogecoin holders to part with their holdings.

At the end of July, Mishaboar, a prominent member of the Dogecoin community, posted a warning stating that Dogecoin is not affiliated with Dogechain, describing it as a “fake token”. Recently, the community also discovered Dogechain developer wallet dumping 1 million tokens per minute.

Despite the wave of criticism, the DC token seems to be gaining traction, with KuCoin becoming the first major exchange to list the controversial token earlier this year. The listing prompted a triple-digit rally.

The team behind Dogechain announced that they plan to hold an airdrop for Dogecoin holders, but details are scant so far.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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