The Layer-2 solution for Dogecoin (DOGE), “made for DOGE lovers by DOGE lovers,” has launched the $DC token today. There will also be an airdrop accompanying the launch of the token, and those members of the DOGE Army who bridged to Dogechain will have priority.
Two Types of Airdrops
To make it fair for everybody, the developers behind Dogechain decided to split the airdrop of the new token into two. These are as follows:
- Early Shibes Airdrop – 3% of the total supply
This 3% goes out to the earliest members of Dogechain. To be eligible for the airdrop, a user has to have Wrapped Dogecoin (wDOGE) on-chain. However, if a wallet holder traded the Wrapped Doge (wDOGE) for another token, he is most likely still eligible, as long as the traded tokens stay on Dogechain.
- Loyal Shibes Airdrop – 9% of the total supply
The 9% supply goes out to the current supporters of Dogechain. The $DC token will be distributed 4 years after the launch. The airdrop works similarly to hyper-liquid staking. As explained by the developers, “The mechanism will distribute 0.1875% of the total supply of $DC on the 1st day of each month, in proportion to their average wDOGE balance.”
1 trillion $DC have been minted and will be distributed following various mechanics in our tokenomics breakdown:
This token allows users to vote on governance proposals as well as stake them with validators to provide security to the chain.
— Dogechain (Giving away a Tesla) (@DogechainFamily) August 25, 2022
The Magic in Numbers
Dogechain’s developers also provided the technical numbers for the new $DC token. First, the total supply is 1 trillion, but there are only 5 billion tokens in circulation. Secondly, the fully diluted market capitalization is at $100 million. While the initial token price at listing is just $0.0001, it might spike once more crypto platforms list the brand new token. At the moment, it’s only QuickSwapDX and Uniswap.
At press time, the top dog memecoin, Dogecoin (DOGE), trades at $0.069696, according to CoinGecko. Recording a slight 2.4% gain in the last 24 hours, Dogecoin (DOGE) still trails its ATH by 75.9%. Still clinging to the #10th position, Elon Musk’s beloved canine coin is facing serious competition from both the veteran Polkadot (DOT) and rival canine coin Shiba Inu (SHIB). If Dogecoin (DOGE) doesn’t go for another sprint, the TOP 10 position might be taken away by the unforgiving competitors.
On the Flipside
- Dogecoin’s (DOGE) boat was heavily rocked last week, when Ethereum (ETH) whales decided to go on a selling spree.
- Dogechain is not the official Layer-2 solution. However, Dogecoin (DOGE) founder Billy Markus announced a new bridge in the works in partnership with Blue Pepper.
Why You Should Care
Dogecoin’s Layer-2 solutions bring more utility for the memecoin. Dogechain, despite being the unofficial bridge, created a lot of hype on Twitter on $DC launch day.