Thanks to Dogecoin’s birth as a meme-coin, there are many who don’t take it very seriously. While price performances over the past few months have blown hot and cold, wider adoption is still a long way away. That hasn’t stopped people from making recommendations, however.
Co-founder of Dogecoin Billy Markus recently took to Twitter to opine on what could help DOGE’s adoption going forward. According to the exec, Dogecoin needs a “DOGE-ETH bridge,” as well as a strong presence on NFT platforms to “greatly increase its utility.”
Two things I believe would help Dogecoin:
1) Completion of DOGE-ETH bridge
2) NFT platforms (e.g. Opensea) allowing for the DOGE-ETH token to be used for purchases
NFTs purchasing is high demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility.
— Shibetoshi Nakamoto (@BillyM2k) September 29, 2021
Vitalik Buterin, a recent member of Dogecoin’s advisory board, had previously noted,
“If DOGE wants to somehow bridge through ETH and then people can trade DOGE 1000’s of times a second inside a loop ring, that you know, would be amazing.”
Ethereum has accelerated the growth of DeFi protocols and NFT platforms like OpenSea since the beginning. Also, it continues to be the leading blockchain in terms of total value locked with over $122 billion in its ecosystem. Looking at the value additions from Ethereum, DogeLabs had announced that it is exploring the DOGE-ETH Bridge for DeFi Staking back in June.
At the time, Buterin had argued that Ethereum scalability would allow trade of wrapped DOGE with very low transaction fees and very high speed.
Ergo, it’s no surprise then that the wider belief is that DOGE can accomplish much more with its interoperability with Ethereum.
Piggybacking on NFTs
The NFT boom has also increased the cross-chain utility of Ethereum. This was something that was first made evident by Solana’s meteoric rise. The altcoin saw new all-time highs on the back of increased traction over the past few months.
Recently, it even launched Wormhole 2.0 to allow the transfer of ERC-20 tokens to further its DeFi participation.
At the time, Sanctor Capital, the Founder of DeFi platform Yearn Finance (YFI), had noted,
“And the more we’re interacting, the more we are realizing that there’s actually a little bit too much activity for any one chain to handle this stuff.”
The ecosystem is looking at cross-chain capabilities as the next big step. And so is DOGE.
Ripple has also joined the bandwagon to profit from the NFT boom. The company is working to support NFT projects via a $250-million “Creator Fund.” It is no surprise then that Markus is also trying to tap the market for DOGE.
Recently, Adam Aron, CEO of AMC Entertainment, ran a Twitter poll. It found that a majority of the respondents are in favor of the idea to include Dogecoin in the company’s online payment options.
I sincerely want to hear your opinion, via this Twitter Poll. By year-end 2021, AMC will take Bitcoin, Etherum, Litecoin and Bitcoin Cash for online payments. I hear from many on my Twitter feed we should accept Dogecoin too. Do you think AMC should explore accepting Dogecoin?
— Adam Aron (@CEOAdam) September 21, 2021
All stagnancy, no hype
Dogecoin’s recent price action has been stagnant, despite its mass appeal, and the efforts of “Dogefather” Elon Musk.
And so, the meme-coin community is now focusing on its utility. In fact, Musk too wants Dogecoin’s fees to fall to make purchases cheaper.