Dogecoin and Ethereum Bridge are getting developed. For example, the Dogecoin Ethereum Bridge will allow investors to send Dogecoin from the DOGE blockchain to the Ethereum blockchain; thus, ETH will be converted to DOGE tokens.
These tokens will be able to interact with different exchanges like DeFi before returning to the DOGE blockchain as Dogecoins using the DOGE-ETH bridge. In addition, DogeLabs recently announced plans to bridge Dogecoin with Ethereum staking products using the Doge protocol.
Community Attitude: Doge is still a joke, but it’s made me laugh all the way to the bank. I have bought and sold a bit of Doge, but never considered it a longer-term hold.
The growth of DogeCoin went to the extent of people stating, Dogecoin is the next Bitcoin. However, there are massive differences between the two. Bitcoin has built-in scarcity. But with Dogecoin for every day, you have 10,000 more Dogecoin getting issued.
Bitcoin is something people choose to hold for a more extended period of time. However, Dogecoin people choose to hold it for a short period of time.
Bitcoin has a detailed white paper and a lot of nodes backing it. The supporters of BTC look at it as digital gold and as a hedge against inflation. However, DogeCoin is created for fun and for silly people. The trust factor for Bitcoin is improving after retail and institutional investors are buying Doge.
Markus stated, “I threw it together, without any expectation or plan. It took about 3 hours to make.”
Now the creators are surprised at how Dogecoin has grown. Recently the price of Dogecoin went up in response to Elon Musk tweets and influence. Reportedly, both Bitcoin and Dogecoin are risky. People should invest only what they are prepared to use.
The Dogecoin community place a lot of their expectation on Musk statements about Doge, and he is popularly known as the “Dogefather.”
Elon, in the past, stated, “BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high. There is merit IMO to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.”
Billy Markus and Jackson Palmer are the software engineers who created Dogecoin. They did not take it seriously, and they did not intend to put it to any serious use.
Community response: Unless supply is limited, DOGE has a weak future. People can pay in USDT, much more convenient than DOGE as of now. I love DOGE, but the supply is too high and too concentrated.
Some are left wondering, How is working with the developers going? Have there been some major improvements?
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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