[Major Dogecoin wallet closure triggers community anger]
A major non-custodial wallet supporting the Dogecoin (DOGE) ecosystem has announced that it will be shutting down. The news came as a surprise to many members of the Dogecoin community, as most were unaware of it, prompting many users and Dogecoin supporters to speak out on social media platform X.
An X user, identified as "Astro", revealed the situation: "Dogechain has been running for more than ten years, and now it is shutting down with less than 30 days' notice. The specific reasons have not been disclosed to the public, which is confusing Puzzled."
The increasingly tough regulatory environment in the United States has forced many cryptocurrency innovators to reassess their business models. Not long ago, the well-known Bitcoin privacy wallet Wasabi also announced that it would cease operations. Similar closures seemed to be due to concerns about the founders of privacy currencies being charged with money laundering. From Tornado Cash to Samourai, U.S. regulators tolerate privacy protection organizations. The degree is very low.
The withdrawal of Dogechain has heightened unease in the Dogecoin community, and the reduction in the number of wallets designed specifically for DOGE may be a blow to the community.
Despite market and regulatory pressures, Dogecoin’s influence remains. Its founder, Billy Markus, still keeps an eye on market trends. Speculative expectations that Dogechain’s shutdown could make Dogecoin more reliant on payment apps such as those proposed by Elon Musk have fueled optimism in the community about DOGE’s potential future rise.
At present, the closure of Dogechain has not had a direct impact on the market price of DOGE. DOGE has gained 0.7% in the past 24 hours and is quoted at $0.1328 per coin, but its trading volume is down 36% from the previous day to about $111 million, according to CoinMarketCap.
