In the meantime, the Dogecoin community enjoyed a huge price increase. The cryptocurrency rose more than 25 percent in the last 24 hours. If you count the last week, there was an increase of over 30 percent. Bitcoin again fell below the 7,000 USD mark, the crypto market had to fight.
Dogethereum as a reason for the increase?
Theoretically, it should start in the next few days. Each Dogecoin ‘Holder’ automatically receives Dogethereum tokens, which of course could be a reason for the possible increase. It is a public, global payment network based on Ethereum that uses smart contracts.
In a reddit thread, the user Mexicardano said that the “Dogethereum Fraud” is dead. When he referred the project developers to Telegram, “they demanded 10 BTC to further develop the project.” Also on Bitcointalk there is no activity on this project. It seems that the Dogethereum project is dead. However, there is a new glimmer of hope called “Dogecoin-Ethereum Bridge”.
The bridge uses the “superblocks” concept to bring DOGE to the Ethereum blockchain and a “collateralized” bridge to bring ETH onto the dogecoin blockchain. The DOGE-ETH bridge is scheduled to start on September 5th, 2018. Further information is available on Github.
This was reported by the user “Dogethereum” on medium. However, it turned out that the Dogecoin Ethereum Bridge is unrelated to the Dogethereum Project.
Dogecoin – The crypto-currency with fun factor
The cryptocurrency Dogecoin was released by Jackson Palmer on December 8th, 2013. Actually, the cryptocurrency was intended as a joke or parody of the “more serious competitors” Bitcoin and Litecoin, yet the currency works perfectly and is often used for transactions. Its community is known for its friendliness and Dogecoin’s official website calls it the “fun and friendly Internet currency”.
In 2014, Commmunity raised $30,000 for Jamaica’s bobsled team and sponsored further events. According to Bitinfocharts, more than $820 million has been transferred to Dogecoin over the last 24 hours. By comparison, over the past 24 hours, “only” $370 million has been transferred to Ethereum, $130 million to Bitcoin Cash, and $7 billion to Bitcoin. While Dogecoin cannot compete with Bitcoin, it still outperforms Ethereum, Bitcoin Cash, Litecoin, Dash, and other legacy coins.