Dogeneracy

A peculiar phenomenon that became relevant over the last couple of years is “meme stock,” the price of which rises quickly in no time, not because of fundamentals but social media hype.

Another cognitive bias that drives asset prices up is called “unit bias.” It’s a tendency to evaluate things in whole units, even if fractionalization is trivial. In short, a person might not buy BTC but would happily buy SHIB on the sole basis of being able to afford more tokens.

Dogecoin benefited from both these factors. What if I tell you there’s a chance to replicate similar returns in a shorter period?

Enter Dogechain. Dogechain builds on the above theories and adds another explosive ingredient to the mixture: “degeneracy.” Crypto degens are people who “invest first and think later.”

Image: Cartoon Network

Dogechain is a new blockchain that attempts to accrue value from DOGE. The default payment token on the blockchain is wDOGE (Wrapped DOGE). While the core team of Dogecoin has shunned the project, it has become quite popular among crypto social media circles, especially crypto degenerates, a.k.a. degens.

Look at the returns of the top traded coins on Dogechain. It would be great to capture even a portion of them, right?

Source: DEX Screener.

There’s also a potential launch of the native token, DC, which will likely be airdropped to early users. You can farm the airdrop by bridging tokens and trading. Gains are everywhere.

Source: Dogechain.dog

However, such high returns carry outsized risks. If you set out on the path of Dogeneracy, you will quickly learn what “rug pull” and “rekt” mean. Most of the gains you’ve seen above are realized during the first minutes of each token’s launch. It’s not for everyone, and most will most certainly lose. Do you still want to try a degen life? Ok, here’s how.

You can interact with Dogechain through an address controlled by the MetaMask wallet. 

Install the MetaMask browser extension for your Google Chrome browser here. You can follow the steps in our YouTube video for creating a wallet.

Next, you should configure your wallet to connect to one of the Dogechain’s RPC servers. You can do it manually by going to the MetaMask wallet and then click on the Top right circle > Settings > Networks > Add Network, and then enter the following network details. 

Note that Dogechain has several RPC servers. Here’s the full list of the available ones:

• https://rpc-sg.dogechain.dog
• https://rpc-us.dogechain.dog
• https://rpc.dogechain.dog 
• https://rpc01-sg.dogechain.dog
• https://rpc02-sg.dogechain.dog
• https://rpc03-sg.dogechain.dog

You can also add the network by clicking on the ‘Connect Wallet’ button on the Dogechain bridge.

To get wDOGE, you will need to deposit DOGE to the bridge. After connecting your wallet, click on ‘Confirm’ to reveal your “DOGE Deposit Address.” If you don’t have DOGE, here’s where to get them.

Once your deposit is completed, you can trade the tokens on Dogeswap, DogeShrek, or YodeSwap. Alternatively, you can use an aggregator, Firebird. If you need tips on identifying potential winners, you can follow these steps shared by my colleague, Anthony. 

Let me add that you have to actively screen Twitter and Telegram for any cross-references and mentions of Dogechain. New projects pop up all the time. Here’s a DEX screener for looking up charts and a tool for checking token contracts. You’ll need them.

Withdrawals from the Dogechain will take several days to process. This is a long wait, especially considering the risks associated with the blockchain being new. The chain has already halted once, and its explorer has already tumbled under load multiple times. So, even if you make some good gains, it’s not guaranteed that you will be able to cash out.

Now that you’re fully equipped and properly warned, let me wish you good luck. Remember, it’s all short-term exuberance, so enjoy while it lasts, and remember not to let degeneracy control you. After all, responsible investing has a much higher survival rate.

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Our research team at SIMETRI is also constantly sharing alpha. So feel free to follow me: Nivesh, and my colleagues: Anton, Sergey, and Anthony. 

Stay safe!