Thorchain announced that it had taken Dogecoin live on its decentralized liquidity network. It recently added support for the meme coin on the network. This has deepened the liquidity of Dogecoin and fueled a bullish narrative among the investors.
Experts now predict that there is an upward trend awaiting Dogecoin in the future. The prices have been on the lower side, but a bounce is expected to occur any time soon.
DOGE Is Now Live On Thorchain
Traders can now swap their DOGE holding for other cryptocurrencies that are supported by Thorchain. They will no longer have to rely on a centralized crypto exchange.
Thorchain, a decentralized liquidity network, will enable the traders to swap DOGE for other cryptocurrencies like Bitcoin, Litecoin, and Ethereum, to name a few. The network supports a total of five chains. The other two chains are Binance Smart Chain and Bitcoin Cash.
It functions similarly to automated market makers and decentralized exchanges. One exception that differentiates it from other players in the market is that it offers Cryptocurrencies in its synthetic versions.
Any centralized Cryptocurrency Exchange that exists does not offer this feature to its traders. This makes Thorchain more desirable, allowing traders to easily swap their holdings.
Chad Barraford, the Technical Lead of Thorchain, came forward to issue a statement in this regard. He said that Thorchain prevented its users from having to wrap their respective coins or tokens.
He reiterated that the network supports five chains for the traders, namely Binance Smart Chain, Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
The addition of Dogecoin on Thorchain will open a new door for the traders. They will now be able to earn a yield on their holdings of Dogecoin. This will happen for the first time as the same could not be done earlier.
An overall valuation of DOGE has been on the lower side. Analysts predict that the price will bounce back in the future.
A lower price at present is being said to be in the buy zone. This means that a lower price is letting traders and inventors buy shares of Dogecoin. As per the estimates, DOGE has been brought more than expected, leading to an over-buy of the meme coin.
This happened before the price touched the mark of $0.28. The over-purchase is said to have created a parabolic pricing trend in its graph. Analysts, therefore, predict that prices will only rise as the days pass. Check out a detailed price prediction and analysis of DOGE by clicking here.
A bullish narrative for Dogecoin has been rolled out. Elon Musk published a tweet saying that Tesla would accept the digital coin from its customers who are looking to buy merchandise from the company.
He published the tweet in the previous week, fueling the bullish narrative among the community members of Dogecoin. @CryptoKaleo, a trader and analyst of Cryptocurrency, shared a similar expression on the micro-blogging platform.