Flare Network will introduce Defi support for Dogecoin users
Flare Network jumped in support of popular meme coin Doge to support it on every network in its ecosystem.
Dogecoin is a popular meme coin, which is standing at 11th rank by 24 hours global trade volume. The origin of this coin was only fun, that creation of a new coin is just a joke. So basically it was launched without any use case. Right now coin is standing under huge support globally because of the shoutout of Tesla CEO Elon Musk. Elon Musk believes that Dogecoin will become the best crypto in the payment system if crypto adoption will spread globally like this.
On 24 April, Billy Markus, Dogecoin co-creator, pointed out three facts, which can make Dogecoin a useful currency in the payment system.
Billy noted that more and more businesses to accept Dogecoin in payment options and also people should use Dogecoin for tiping purposes. The third thing that Billy figured out is the Doge-ETH bridge to introduce Dogecoin in the Web3 ecosystem.
In response to this tweet, Flare Network announced that it added Dogecoin as FAsset to support it across multiple blockchain networks.
“Flare is including Doge as an asset. When live, this will allow Doge to be used on Flare and any other chain connected to Flare through its LayerCake bridging system.”
After the completion of the work by Flare Network for Dogecoin, all the Dogecoin users will be able to participate in Defi and other network applications with their crypto.
Price action
The current Dogecoin price is $0.139 and this price is 5.1% high over the last 24 hours.
A sudden spike in the Dogecoin price graph can be seen, which happened because of the huge chances for Elon Musk to purchase the Twitter platform.
Read also: The central African Republic passes law to use Bitcoin payment
