Dogecoin (DOGE), the largest meme cryptocurrency, started to recover in the FTX-Alameda crisis. The popular memecoin gained 2 percent overnight. However, crypto analysts say that the decline in the price of Dogecoin may continue.
While Dogecoin is on the decline, Dogechain publishes new announcement
DOGE price continues to decline. However, Dogechain has announced that local staking will be available for community members in the second week of November 2022. Community members who want to make the network more secure and do their part are welcome to participate, the announcement said. In the post via Twitter, he explains that Dogechain has implemented a unique business model that some investors are unfamiliar with. However, the team explained the implications of staking in the Dogechain ecosystem.
The Ultimate Dogechain Staking Thread 🧵
Hey frens, staking is right around the corner. You can already find some in-depth information about this process in this blog post:
🌐 https://t.co/6BEpQkwBqoFor the TL;DR crowd, this thread will serve as a quick reference 👇 pic.twitter.com/KTe1aoG5Ei
— Dogechain💜 (Giving away a Tesla) (@DogechainFamily) November 13, 2022
Dogechain announced that it is using a vote escrow staking model called veDC. Dogechain tokens cannot be directly staked with validators. Instead, users will need veDC tokens for staking. With the DC locked in the veDC locker, users will have the veDC token. It is stated that the longer the lock period, the more veDC the user will have.
DC planned to become more secure
Locked Dogechain tokens will be available after the time lock expires. However, the team says that the staking rewards are liquid and can be unlocked as soon as they are requested by a user. It is stated that when the time lock is completed, users can send the veDC to the burner. The developers say DC tokens can be recovered as a result.
Two key players in Dogechain are validators and grantors. Validators allocate a predetermined amount of tokens. Authorizers transfer tokens to the validator of their choice. This will help make Dogechain even more secure.
As we have reported as Kriptokoin.com; While developments are taking place in Dogechain, analysts draw attention to DOGE. According to crypto analysts, Dogecoin price is likely to continue falling. Leading memecoin project Dogecoin has caused panic due to its recent drop. It became one of the cryptocurrencies that fell due to the FTX crisis. Crypto analyst Michael Fasogban evaluated the Dogecoin price trend. According to the analyst, the recent decline in DOGE price has the potential to take the price as far as the $0.071 support level.
