The markets might have confirmed that another leading cryptocurrency head, Vitalik Buterin, supports the Dogecoin ecosystem. Of course, the wealthiest man globally, Elon Musk, has backed the meme coin over the past year. Nevertheless, another development of the Dogecoin chain could have contributed to the latest addition.
The body behind Dogecoin’s development, BluePepper, revealed that the DOGE-ETH bridge might go live before 2022-end. Surprisingly, this isn’t the first time Dogecoin links with ETH.
In September last year, Dogecoin creator Billy Markus revealed the bridge possibility amidst an NFT bubbly market. He stated that the bridge development would increase Dogecoin’s demand and utility.
Since Way Back
Meanwhile, 2021 wasn’t the start of the development. BluePepper revealed that it has been operating since 2017. The Dogecoin-Ethereum bridge lab stated the bridge would consider the Dogecoin community by allowing them access to networks on the ETH blockchain.
Some expected outcomes following the bridge launch are smart contract compatibility, DeFi protocol interactions, and NFT marketplace integration. Tagged wDoge bridge, BluePepper stated that its design resembled WBTC, which never experienced hacks since its inceptions four years ago.
The bridge would see Dogecoin investors switching to WDOGE from DOGE. Meanwhile, the process would attract a small fee. Furthermore, the bridge will ensure increased transparency with BluePepper, TheDogeFoundation, and other things serving as the central body. So, what about DOGE’s actions since publicizing the development?
While publishing this post, Dogecoin traded near $0.06, following upsides towards $0.1. The canine-themed token lost 1.35% within the final 24 hours on August 23. Furthermore, the Dogecoin daily timeframe didn’t appear to highlight further price surges because of the momentum of the RSI (Relative Strength Index).
The Relative Strength Index stood at 45.27, beneath the neutral-50. That shows the buying strength might not be enough for Dogecoin to sustain an upside. Furthermore, the green times might not be near as volume plunged by 19.12% since August 22. While publishing this content, Dogecoin’s volume stood at 355.85 million (Santiment data).
With the Ethereum Merge nearing, the bridge’s launch might draw increased attention & positively impact DOGE momentum. However, the Dogecoin community might focus on the offered solution rather than sticking to price expectations.