Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,286 trillion. Bitcoin manages to withhold the $30k level after a disappointing week. Ethereum lost almost 3% of its value over the past seven days. XRP decreased by nearly 3% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector lost over $0.3 billion from the…
Dogecoin co-founder Billy Markus has suggested two things he believes would help Dogecoin. He also looks forward to completing the DOGE-ETH bridge and developing a DOGE-ETH token for purchases.
Billy Markus on Dogecoin’s Development
Markus took to his Twitter account to advocate for the DOGE-ETH bridge, which he believed would help Dogecoin. He explained that the NFT platforms like OpenSea should allow the DOGE-ETH token to facilitate purchases. He also noted that allowing the DOGE-ETH token to assist in NFT payments would increase Dogecoin’s utility.
Markus stepped away from the Dogecoin project in 2015 after selling his stash at a relatively too low price. However, he is a member of the advisory board of the Dogecoin Foundation. The ETH founder Vitalik Buterin is also a member of the board. Therefore, Markus’s advice counts a lot in the decision-making process of Dogecoin. Also, the coin desperately needs a survival mechanism after its boom in 2021.
The Proposed Doge-ETH Bridge Gains Support
The Dogelabs announced the DOGE-ETH bridge on June 18. The feature should allow crypto enthusiasts to use the digital asset in ETH-based DeFi staking. The bridge will also allow holders to send their Dogecoin tokens from the Dogecoin blockchain to the ETH blockchain. The transferred tokens would then be used in DeFi and NFT projects through the ERC-20 DOGE contracts.
On June 4, Vitalik Buterin confessed that the bridge would significantly increase the speed of Dogecoins’ transactions. He also noted that it would be a fantastic thing to serve the crypto enthusiasts with such improvements.
The ‘Doge Father’ Elon Musk also commented on the bridge a day after Vitalik’s podcast interview. Musk said that he pretty much agrees with Vitalik’s reasoning behind backing the DOGE-ETH bridge through a Twitter post. Given that Musk and Vitalik are also Doge whales, their support for the bridge is consequential.
The Future of Dogecoin
Dogecoin has gained massive support and adoption by both small traders and crypto whales in the most recent times. Therefore, a great feature like the in-progress DOGE-ETH bridge might attract even more holders and traders. Considering that the bridge can open up Dogecoin to the world of NFTs and DeFi, the transaction records may increase exponentially. However, investors are waiting to see how good the bridge will be to Dogecoin’s market performance.