Who chained this Doge? 🤨

Morning folks,

Welcome to Switch Daily. 🤗  

The market dropped by a few more points this morning 📉 and we’re all gathering courage to look at our portfolios like…

Let’s see what’s in the bag today:

• Market pulse

• Dogechain ~ Doge-who?

• Today's top stories

• Meme of the day 

Market pulse 📈

The market is taking a dive today 🤿

The crypto market took a hit on Wednesday, with the total market cap losing $50 billion. The market appeared to be following NASDAQ's lead, as the index ended the day with a 1.25% decline. This was likely due to weak US economic data. However, some coins did manage to post gains, with QSP up 5.98%, ATOM up 5.33%, and CHZ up 3.49%.

🦮Dogechain ~ Doge-who?🤔

While browsing through Twitter last night an interesting term caught our eye 👀- Dogechain💜. 

Wait, that was a typo, right? - turns out it’s not!

And coincidentally (or not) Dogecoin surged over 25% in the past 24 hours. 

What’s going on? What is Dogechain?

Guilty as charged, we drew this mental image too 😂. 

But here’s what Dogechain actually is:

Dogechain is not an ‘official’ Dogecoin project. It is a new blockchain that enables you to use Dogecoin for NFTs, Defi, etc. built on Polygon Edge, which is Ethereum’s sidechain. The Doge founders even tweeted that they have nothing to do with Dogechain. Ouch!

Yet, Dogechain seems to be doing well with transactions worth over $21 million (₹167 crores) as it continues to contribute to Dogecoin’s price rally. The network makes a number of promises like an airdrop to Doge holders, but will the promises be kept? 

We’ll have to wait and watch! Meanwhile, tread cautiously and DYOR, maybe?

What's trending today? 🗞

💜Polygon outranks Solana in DeFi TVL

Polygon has claimed the 5th spot in terms of total value locked in DeFi protocols, edging past Solana in the process. At present, Polygon has $2.18B worth of TVL, while Solana has $1.66B. Its TVL has grown by 45.19% over the past 30 days. Read more.

👑Jump Crypto plans to make Solana great again

Days after Solana revealed that its network is healthy, Jump Crypto—a trading firm builder—has taken the initiative to improve the network’s reliability and throughput. Read more.

🤔Nigeria leads the world in crypto curiosity

According to a study released by CoinGecko, Africa’s most populous economy— Nigeria— takes the lead in terms of global crypto curiosity. UAE and Singapore stand next in the line. Read more. 

🪙Columbia plans to introduce CBDC

Colombia’s tax and customs agency, DIAN announced that the South American nation’s new government is looking to create a digital currency to make transactions easier for the consumer.

Meme of the day

Well, that's a wrap for today!

Have a good day. See you tomorrow! 👋🏽