The new meme token in town Dogechain (DC) has tripled in price in just four days post its launch. DC spiked 300% between Thursday and Monday making early investors sit on heaps of profits. The token is up 25% today and still attracting bullish sentiments.
The meme token made its debut 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.
The price rise came at a time when Bitcoin fell below the $20,000 mark, triggering a collective drawdown. The markets crashed after the Chair of Federal Reserve Jerome Powell gave a speech hinting about yet another interest rate hike to combat inflation.
Also Read: Dogechain and Dogecoin Relationship Explained
Why Did Dogechain Spike 300% Despite the Market Crash?
Dogechain experienced a massive rally as leading crypto exchange KuCoin announced it will list the token for trading on launch day. KuCoin has nearly 20 million users worldwide and the listing opened the floodgates of investors into Dogechain.
Apart from 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 grab the token.
Dogechain was also listed on Gate.io, MEXC Global, and LBank the same day.
In addition, the latest ‘trend’ when it comes to buying meme-tokens is to ‘get in early’ to reap the rewards.
Also Read: ‘Dogechain’ not Dogecoin, is the latest talk of the crypto town
Investors who feel they’ve missed out on Dogecoin and Shiba Inu during its early days are grabbing meme-tokens early believing it could deliver life-changing gains. Read here to know how a Shiba Inu investor made $5.7 billion in 400 days with an investment of $8,000.
Therefore, all these developments made Dogechain spike 300% in four days and reach a new all-time high. However, whether Dogechain can deliver life-changing gains or will trade backward from here, only time will tell.
At press time, Dogechain was trading at $0.00361106 and is up 19.6% in the 24 hours day trade.