Dogecoin (DOGE): The fight for a piece of pie in the digital economy appears to be taking a competitive direction as mainstream and alternative coins fight for the diminishing adoption. Many coins are turning to real life user cases to remain relevant in the market and Dogecoin (DOGE) is not ready to be left in the cold.
Apart from the use cases, the price of DOGE is under the dollar mark and it is easy to own substantial amounts of the coin compared to Bitcoin for the ordinary investor. Dogecoin appears to be capitalizing on the price factor to convert its adorers in to adopter and it appears their plan is working.
However, Dogecoin is making a radical move in the market that will see the formation of Dogethereum, an outfit that will embrace the hashing rate of the Ethereum network to enhance storage space. The collaboration is creating a lot of attention on DOGE coin since it might make or break the joke coin’s recent gains.
Dogecoin and Ethereum Bridge Building
For the last 13 months, Dogecoin has been in a development journey that will soon see a seamless movement of DOGE coins to the Ethereum ecosystem. This move will see reduction in storage costs that are seen as one way of making the coin more valuable. This will also enhance DOGE accessibility and visibility to attain is goals of a global brand.
The progress has been promising to date but the project team anticipates bugs challenges in the test frames before the “bridge” is released to the market. The team also cautions users against using the coins they hold dear on the ‘bridge” for they stand a chance of losing them. There is a lot to be done before the system goes live.
According to the development team recent update, a live demo is scheduled for 5th September at 17H GMT. This will be closely monitored by the Dogethereum team and the outcome will be made public to the community soon after. The move appears to have brought a lot of confusion since Dogecoin supporters have been expecting a hard fork for the better part of this year.
Mystery around Dogecoin and Dogethereum
The Dogecoin community has been baying for a hard fork which now appears to be overshadowed by the Dogethereum project. Many had anticipated a fork that will see the birth of a new coin DOGX. However, it is not clear whether Dogethereum is an option of the DOGX project or it is anew move. The community has been quoted as saying:
“There is an ERC20 token going by the name ‘DOGX’ and calling itself Dogethereum. That project has no association with Dogecoin or its Dogethereum project. Especially important is that there is no fork of the Dogecoin blockchain. Someone made a new ETH token and called it Dogethereum.”
There are many copycat crypto projects in the market today and this could be a distraction from Dogecoin and Ethereum bridge building project. Most community members are looking at the fork benefits as opposed to long term Dogethereum value proposition and this might result into infighting among community members.
Dogecoin Mystery Project and Price Performance
Whether Dogecoin and Ethereum have operational compatibilities or not seems not to have had any effect on the DOGE price. The infighting appears to have brought the coin back to the limelight and the investor has realized the hidden opportunities in staking up on DOGE.
The last two days have seen DOGE price move to the gaining zone but this could not hold and the last 24 hours have seen the coin marginally drop 0.35% to the dollar to trade at $0.002356. The drop is a true reflection across the market with the leaders struggling to gain momentum.