Science

Cryptocurrency: Dogecoin is now looking for … its usefulness

Dogecoin could move closer to the Ethereum blockchain, to drive adoption of DOGE and begin (finally) to find a use for it. In any case, this is the wish of its co-founder, Billy Markus, who evoked on Twitter the idea of ​​a gateway between Ethereum and Dogecoin.

This does not mean that Dogecoin will change its blockchain to Ethereum, but rather that the Doge digital currency can be used more in the world of decentralized finance, which is highly organized through the Ethereum blockchain. In this way, Doge’s exchanges would multiply.

Ultimately, the digital token, which had no use except for its high volatility, could be used in the booming NFT market, Ethereum 2.0 staking, or DeFi projects of all kinds (decentralized finance). Billy Markus confirmed it. : “Allowing payment of NFT through DOGE would greatly increase its usefulness,” he wrote.

Also read – NFT, revolution or simple fashion? 5 projects to discover

Imagine the future of Dogecoin

Currently, without much use, Dogecoin continues to rank in the top 10 of the most important cryptocurrencies, in eighth place. Its capitalization is currently $ 29 billion. At the beginning of the year, the frenzy had won over investors, Dogecoin was exploding and its price increased 10,000% in just 4 months.

Currently, Dogecoin is in eighth position in the ranking of the largest cryptocurrencies, by capitalization © CoinMarketCap

After this period, large cryptocurrency exchanges like Coinbase introduced the token. Neobanks like Revolut also adopted it. Its course is regularly altered by tweets from its greatest ambassador, billionaire Elon Musk. Just yesterday, Dogecoin was climbing again after a photo of a Shiba posted by the CEO of Tesla.

Simple meme, means of payment, or a true key player in decentralized finance, Dogecoin remains firmly anchored in its parody image, but is not discouraged from transforming user and platform adoption to find a second life.

For the savvy, with Ethereum becoming a deflationary network during the London hard fork, Dogecoin could also become a deflationary currency (limited number of tokens). A setback that would play in its course.

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