Doge Withdraws Due to Concerns About a Rate Hike

After the Dogechain ecosystem failed to inspire a sustained surge, Dogecoin has scampered back to its kennel, undoing last week’s strong gains.

In the previous seven days, the alpha meme coin (DOGE-USD) has dropped 18.59% to roughly $0.068.

The new Dogechain ‘layer 2’ network that enthralled the volatile meme coin subculture last week is not a Dogecoin Foundation effort.

Dogechain, in reality, uses the Polygon Edge (MATIC-USD) software to create an Ethereum-compatible blockchain for wrapped-dogecoin. Wrapped dogecoins (WDOGE) are dogecoins that exist on the new Dogechain network, and their value is tied to the value of the original dogecoins on the Dogecoin blockchain.

Investors can use these ‘wrapped’ dogecoins to purchase NFTs and in decentralized applications via Dogechain. However, the brief rally reversed since bitcoin plummeted, taking most of the crypto-market with it on Friday.

BTC Down 9.53%

Bitcoin (BTC-USD) follows the S&P 500, which slid from 4290 points last Thursday to 4149 on Monday morning.

The past day, Bitcoin has been side-stepping along a ledge at roughly $21K. It is down 9.53% in the last week. Dogecoin and Shiba Inu reacted by heading south, chasing the tails of blue-chip cryptos like Ethereum, bitcoin, and Cardano.

Some meme coins reacted with negative price action. One notable example is Dejitaru Tsuka (TSUKA-USD). There are still rumors that it is the latest brainchild of Shiba Inu’s mystery originator, Ryoshi. Finally, Cardano (ADA-USD) is well on its way to ensuring that all staking nodes on the network switch to the new software version.

Before ADA blockchain developers perform the Vasil hard fork, 74% of nodes on the blockchain must be on the most recent version.

However, the successful update of Cardano’s latest software did not affect reviving ADA, which is down 15.19% in the last seven days.