Dogecoin Prepares for Layer-2 Upgrade: Will It Finally Surpass Shiba Inu?
Yahoo Finance ·
Dogecoin, which recently fell 3.54%, is on the verge of a major ecosystem shift following the September 30 launch of DogeOS, an independent testnet for a Layer-2 network featuring smart contracts that settles transactions on the main network using DOGE for fees. As Dogecoin sits 89% below its mid-2021 all-time high, investors are wondering if this upgrade can help it permanently outperform Shiba Inu, which dropped 1.54%. However, historical precedent suggests caution. Shiba Inu launched a similar Layer-2 network called Shibarium three years ago to boost token demand. While Shibarium initially handled 4.7 million daily transactions after its August 21, 2025 debut, activity plummeted to roughly 1,680 transactions per day by September. According to DefiLlama, user deposits stood at $149,851 as of October 6, with the network generating a mere $0.09 in fees over the prior 24 hours. Although Shibarium burns 70% of base fees by purchasing tokens on the open market, the strategy has struggled to maintain sustained momentum.
AI 시장 분석
Dogecoin has expanded its ecosystem by launching the DogeOS testnet, a Layer-2 network supporting smart contracts. This upgrade aims to increase Dogecoin's utility to gain an edge over Shiba Inu. However, there is a precedent where Shiba Inu's Layer-2 network, Shibarium, recorded plunging trading volumes and low fee revenue. Investors must carefully monitor whether the technical upgrade leads to sustained actual demand.
상승 영향
- Bitcoin — The launch of DogeOS, Dogecoin's Layer-2 testnet, and the introduction of smart contract features can enhance the overall technical utility of meme coins, spreading positive sentiment across the cryptocurrency market.
하락 영향
- Bitcoin — If traffic and fee revenue plummet after the L2 launch, similar to Shiba Inu's Shibarium case, it could act as a downward pressure, dampening investment sentiment and affecting the entire meme coin sector in the crypto market.
DYAX 전담 분석
The introduction of DogeOS enables fee payments and smart contract execution using DOGE, which could drive network activation. However, as seen in Shibarium's case, the limitations of meme coin-based L2s have become clear, with daily transactions plummeting to 1,680 and deposits falling below $150,000 after initial traffic spikes.
In a bullish scenario, DogeOS could generate actual on-chain app demand, leading to a DOGE price rebound. In a bearish scenario, it may remain a temporary interest like Shibarium, continuing the sluggishness down 89% from its 2021 peak. Key metrics such as daily active users and fee trends should be watched.
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