Should Dogecoin (DOGE) ever want to climb up the charts to reach for the moon again, some serious alterations to the network are needed. This according to Dogecoin co-creator Billy Markus. Ironically, development and innovation are what is lacking the ‘dormant’ coin, according to its criticizers.
Markus told his Twitter followers that DOGE must enter the NFT space and pointed at two improvements for the top meme-coin to get back in the game. First, a bridge between Dogecoin and Ethereum would be required. Secondly, NFT platforms such as Opensea should start accepting DOGE for payment.
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
Ethereum founder and member of the Dogecoin advisory board Vitalik Buterin, had suggested a similar solution when he appeared on the Lex Fridman podcast back in June. A DOGE-ETH bridge would have the potential for lower transaction fees and higher speeds, Buterin had said.
“If we have a secure DOGE-to-Ethereum bridge then that would be amazing. And when Ethereum gets its scalability, you would be able to trade with DOGE at extremely low transaction fees and very high speed as well.”
Markus and Buterin are not the only ones pushing for lower transaction costs. The ‘Dogefather’ himself, Elon Musk, had sent out the same constructive criticism in September.
Super important for Doge fees to drop to make things like buying movie tix viable
— Elon Musk (@elonmusk) September 22, 2021
Whereas in the beginning of the year, a Musk Tweet would have the potential to skyrocket the meme-coin’s valuation, the effect has worn off. Today some serious improvements to DOGE are required if it was to make up for lost grounds.
Today, DOGE is trading at $0.2181 according to CoinMarketCap data.
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