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DogeChain, a popular platform for managing Dogecoin transactions, has declared it will shut down on June 1, 2024.
The platform urges users to quickly transfer their DOGE tokens to other wallets and secure their private keys before the shutdown.
Dogecoin (DOGE) Wallet Closure Announced
The announcement on the DogeChain website marks the end of a key service within the Dogecoin community. This platform has been essential for storing, sending, and receiving Dogecoin for several years.
Indeed, it was more than a DOGE wallet, it was an integral part of the Dogecoin ecosystem. Operating on the Ethereum Virtual Machine (EVM) and powered by Polygon (MATIC), DogeChain has provided a Layer-2 scaling solution. This setup has facilitated quicker, cost-effective transactions and expanded access to NFTs, blockchain-based games, and DeFi services for Dogecoin holders.
Now, the platform advises users to move their assets promptly to prevent any potential losses.
“Ensure you transfer your DOGE from DogeChain.info (only use the .info domain!) by June 1. Also, keep a copy of your private keys if you continue to use these addresses, as this will enable you to recover any funds accidentally sent or received in the future,” Dogecoin developer Mishaboar stated.
Read more: 8 Best Ledger Wallet Alternatives for Crypto Storage in 2024
The decision to close the platform was part of a collective step forward for the Dogecoin community to embrace newer, more reliable, and decentralized platforms. However, Kadan Stadelmann, CTO at Komodo, believes this incident reflects the problems with third-party wallet providers.
“While the news has been shocking and disappointing for many, this is actually a great opportunity for the Dogecoin community to control their own assets through self-custody methods, which include hardware and paper wallets. Of course, self custody is not perfect as one must choose a reliable hardware wallet or software wallet that allows you to have full control over your private keys,” Stadelmann told BeInCrypto.
As the June 1 deadline approaches, all DogeChain users must act swiftly to secure their assets.
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