Dogecoin has historically been a project associated with jokes. While those evolved into more profound charitable initiatives, no formidable use case could be developed due to the shortfalls of the network.
Still limited by its Proof-of-Work roots, the Dogecoin network doesn’t offer much room for innovations. This could stymie its development, which is why Doge² is here with an L2 scaling solution that could change the direction of its growth.
But will the community be receptive to this new and improved Dogecoin? And if so, will Doge² be able to grow beside the project?
Making Innovation Possible in the Dogecoin Network
The virality of Dogecoin has led many to hope for some innovative use cases to arise from the network. But the network’s current limitations haven’t been addressed before – until now. Doge²’s solution to the quandary of lack of use cases in Dogecoin is a simple one – Layer 2 Solution. Layer 2 is a network layer on top of the existing one, designed to enhance the operative capabilities of the current technology.
Developed on the Ethereum blockchain, Doge² is set to implement this solution by blending Ethereum with the Dogecoin network. Enhanced with the L2 benefits, Dogecoin will finally be able to be counted among utility-focused cryptocurrencies that can offer more innovative solutions to over 6.9 million Dogecoin investors.
According to the official website, this will reportedly be accomplished using a three-step process.
The first phase will consist of utilizing Layer 2 scaling of Ethereum to solidify the Doge² network, accelerating the transaction speed and reducing the transaction fees. The next step is to implement it on the Dogecoin network, essentially creating a Dogecoin Layer 2.
However, this transfer won’t mean Doge² won’t have a presence on the Ethereum network anymore. Using a bridge between Ethereum and Dogecoin, Doge² will tap into both networks, allowing Dogecoin to leverage its meme status while unlocking L2 benefits.
As a result of this unification, multiple benefits will be unlocked.
How Will Dogecoin Evolve with L2 Solution?
Here are the benefits Dogecoin will be able to tap into after adopting the L2 scaling solution:
Faster Speed – Doge² will process transactions at a much faster speed, allowing Dogecoin to become more feasible for new investors.
Lower Fees – With L2 solutions implemented, transaction costs will go down, making it feasible for users and developers to interact with the Dogecoin ecosystem.
Programmability – These factors will make Dogecoin programmable, making it possible to create decentralized applications, smart contracts, and DeFi applications on the Dogecoin network for the very first time.
Enhancing the Community – The community will no longer have to focus only on memes. They will also get access to tools that will help them grow even bigger. That evolution could create the foundation for more DOGE-based use cases in the future.
What Factors Will Determine Doge² Growth in the Future?
While Doge²’s attempts to evolve the existing Dogecoin network are admirable, it is not the first project to do that. Several factors will help it stand out from the rest and determine how the Doge² price moves on the price chart.
- Dogecoin’s Relevance – Since Doge² is directly trying to impact Dogecoin’s future, the crypto community’s perception of the OG crypto will affect the Doge² price. Currently, there’s only one growth driver: Elon Musk’s bullishness. The original crypto appears to have lost its own identity. The Doge² price could increase if Dogecoin develops other compelling features that help it stand independently.
- Developments Through the Presale – Many meme coins have promised use cases, but few have delivered. Even fewer have maintained consistent communication about development progress. Doge²’s commitment to keeping the community updated about its L2 solution development will significantly impact its future value.
- NFT Development – Doge² has promised NFTs to presale investors. However, the whitepaper provides limited details beyond this promise. The development of a robust NFT ecosystem around Doge² will significantly influence the token’s growth.
- Memes – While Doge² focuses on utility, memes remain crucial as they drove Dogecoin’s initial exposure. The quality and virality of Doge²’s memes will influence its social media popularity. This social media presence could then translate into increased investor interest.
How to Buy Doge²?
The official website has outlined the following simple steps to buy Doge² on presale:
- Visit the official website using the link provided.
- Connect wallet to buy Doge². Using a card is also an option.
- Enter the amount of USD, ETH, or USDT to swap for the Doge² token.
- Complete the transaction. It should not take much time.
Final Words
Doge² is aiming to bring more innovation to the Dogecoin space. Its foundations are strong, the tokenomics are inclusive, and the roadmap is realistic. These factors and the current market dynamics make it a suitable investment. To learn more about this project and to keep up with its updates, visit the official website.
