If programmer Billy Markus today looks back, he might be sure he didn’t envision that the cryptocurrency which he had created as a joke will today be ranked 28th by coinmarketcap, having a market capitalization of USD 361.57million. He would not have thought that the coin that has a Shiva Inu dog ‘meme’ as its logo would do so well that it will be partnering with a top cryptocurrency in the digital world, Ethereum, to create Dogethereum, in a bid to further improve its liquidity.
The Newly Proposed Project
In a move that will further help Dogecoin in its growth, it has entered into a partnership with Ethereum to create Dogethereum cryptocurrency tokens, a bridge set to ease the exchange of Dogecoin on the Ethereum’s platform.
Though it increases both Dogecoin and Ethereum’s potential to accommodate further growth, this partnership is a sure one from which Dogecoin will undoubtedly benefit from.
According to plans, Dogethereum is set for a demo on the 8th of September, 2018. The development of Dogethereum is still ongoing and nearing completion, with Dogecoin team having set great funds aside for the project.
When the plan is unveiled in a few days’ time, it will be determined whether the fund that Dogecoin had put in place for the development of Dogethereum is worth its while and well spent. If the results are positive, the developers will then get paid for their work on this significant development.
In the present digital asset market, where the volume and price of cryptocurrency are quite volatile and unpredictable, Dogecoin is sure to benefit massively from this partnership.
Bridge for Liquidity
The top 10 on cryptocurrency ranking have somehow remained unchanged a quite a while, while positions 20-30 have been highly contested. Ethereum has more stable liquidity, as well as being less volatile. With Ethereum claiming the second spot, riding on its platform will then mean Dogecoin will also enjoy some benefits by becoming more integrated on Ethereum’s ecosystem.
This bridge formed between Ethereum and Dogecoin might be of help for other coins available on Ethereum’s platform, and has been described as a ‘pioneering bridge’. With Dogecoin coming on board via Dogethereum, this newly proposed token will join the rest of its kind on the Ethereum platform and will be accessible as an ERC token which can be stored on any ERC compatible wallets.
With Dogethereum yet to be available for usage, one can only look forward towards what it holds.