Elon Musk Faces $258 Billion Lawsuit Citing Dogecoin As A Pyramid Scheme As The Popular Meme Crypto Asset Launches New Testnet In Push Towards A Decentralized Ecosystem | June 2022

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ElonMusk has tweeted he will continue to support the father of meme coins on Father’s day, Dogecoin, even after facing a $258 billion lawsuit.

The original memecoin, Dogecoin (DOGE), is now building a decentralized ecosystem.

Dogecoin developers announced the testnet version of the new utility-focused Dogechain offshoot is now open for developers to start building before the mainnet’s official launch.

“Dogechain is built on Polygon Edge, which lets the project bootstrap a new blockchain network while providing full compatibility with Ethereum smart contracts and transactions. It uses IBFT (Istanbul Byzantine Fault Tolerant) consensus mechanism, supported PoS (proof-of-stake).”

According to the project website, features will include games, non-fungible tokens (NFTs) decentralized finance (DeFi), and other decentralized applications (DApps).

DOGE itself will be used as gas to power the new chain which operates as a proof-of-stake mechanism.

The new DC native token will be distributed via airdrop to DOGE holders at an unspecified date, with information regarding the snapshot also yet to be announced.

Regarding funding for the new ecosystem, DOGE says,

“Dogechain had no special [venture capital] allocations… Everything is transparent and distributed to the community first.”

DOGE has surged in popularity over the past two years thanks to Tesla CEO Elon Musk championing the project via social media.

Earlier this week Dogecoin co-creator Jackson Palmer, who’s no longer affiliated with the project, said he thinks cryptocurrency’s lack of regulation enables scammers.

At time of writing, Dogecoin is down by 12.62% and priced at $0.055.

DOGE hasn’t been spared from the recent market-wide dip, having traded above 8 cents just a week ago.

Via this site