One of the co-creators of popular meme asset Dogecoin (DOGE) is calling out the DOGE community for its lack of productivity. In a new thread on the social media platform X, Billy Markus, also known as Shibetoshi Nakamoto, says that the DOGE community doesn’t “do anything productive at all” but also adds that developing for […]
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On Nov. 2, 2022, the digital asset custody business and financial services provider Bitgo introduced a wrapped version of the meme coin asset dogecoin built on top of the Ethereum blockchain. The company detailed the wrapped dogecoin initiative, the Wdoge DAO, is through a partnership between the Dogecoin Foundation, Bluepepper, and Mydoge wallet. Bitgo Introduces […]
Following the Ethereum Merge, Dogecoin now only trails Bitcoin as the biggest proof-of-work cryptocurrency.
Meme-inspired cryptocurrency Dogecoin (DOGE) is now officially the second largest proof-of-work (PoW) crypto in terms of market cap, following the Ethereum network's proof-of-stake upgrade on Sept. 15.
Bitcoin (BTC) of course remains miles ahead of Dogecoin’s market cap of $7.83 billion, though the well-followed memecoin is still comfortably ahead of the third place PoW cryptocurrency Ethereum Classic (ETC) (with a market cap of $4.69 billion), Litecoin (LTC) ($4.01 billion) and Monero (XMR) ($2.65 billion).
One Dogecoin fan appeared to be in disbelief of Dogecoin’s rise to become the second largest PoW cryptocurrency, stating “who would have thought that this would happen. Congrats #Dogefam.”
But it wasn’t taken well by everyone. One Twitter user responding to a tweet about the news asked how people could take the crypto industry seriously with a memecoin so close to the top spot, emphasizing the need to remove “useless coins” from public view.
But Dogecoin may also soon find itself competing against ETHPoW - the Ethereum PoW hard fork chain that will continue mining, according to the official Twitter account of the ETHPoW, which is currently priced at $13.64.
Ethereum's transition to PoS may have added pressure on PoW-powered cryptocurrency networks to transition to a more sustainable consensus mechanism.
In a statement to Cointelegraph, Lachlan Feeney, the founder and CEO of Australian-based blockchain development agency Labrys said “the pressure is on” Bitcoin now to justify the PoW system over the long term."
He added that "reluctance to carry out its own transition to PoS will be huge."
Meanwhile, the Dogecoin Foundation has been considering a transition of Dogecoin to a proof-of-stake after first hinting at the shift in Sept. 2021, which was put forward by Ethereum co-founder Vitalik Buterin, who is also an advisor for the Dogecoin Foundation.
In Dec. 2021, the Dogecoin Foundation released its “Dogecoin Trailmap” which proposed to build a Dogecoin “community staking” version that resembled PoS.
Related: Proof-of-stake vs. proof-of-work: Differences explained
“Such a version would allow all Dogecoin users to stake their DOGE and get extra tokens for supporting the network,” the Dogecoin Foundation said.
However, little progress has been made since then, as it still appears to be in “proposal” status according to the Dogecoin website.
DOGE is currently priced at $0.06 at the time of writing.
The creator of popular meme token Dogecoin (DOGE) is rejecting an offer worth millions of dollars in digital assets to promote an unofficial offshoot crypto project. Billy Markus, co-founder of the dog-themed crypto asset, has rejected an offer of 10 billion DOGE, worth about $14 million at time of writing, to promote Dogechain, a blockchain […]
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According to the Dogecoin Foundation, the organization is working with Vitalik Buterin on constructing proof-of-stake (PoS) capabilities for the Dogecoin network. The “uniquely Doge proposal” is aimed at bolstering a “community staking” version of the protocol. Dogecoin Foundation Discusses the Project’s ‘Trailmap’ On December 23, the Dogecoin Foundation’s official Twitter account tweeted about the digital […]
Billy Markus has talked up a proposed Dogecoin-to-Ethereum bridge so that DOGE can be used on top NFT marketplaces such as OpenSea.
Dogecoin (DOGE) co-founder Billy Markus has set his sights on nonfungible tokens (NFTs) and an Ethereum-to-Dogecoin bridge to help bring about for mass adoption of the meme coin.
In a Sept. 30 tweet, Markus emphasized the importance of completing the Ethereum-Dogecoin bridge so that the asset could be integrated with top Ethereum-based NFT platforms such as OpenSea, enabling non fungible purchases with DOGE.
Markus said that there is “high demand” to purchase NFTs within the crypto community and that enabling NFT purchases with DOGE “greatly increases its utility.”
DOGE being implemented into the NFT ecosystem would be a huge benefit to the community!
— Mr. Whale (@CryptoWhale) September 29, 2021
The in development DOGE-ETH bridge would enable users to send DOGE from the Dogecoin blockchain to the Ethereum blockchain, and transact with the asset in sectors such as decentralized finance (DeFi) and NFTs via ERC-20 DOGE token contracts.
The bridge would provide extra utility for DOGE, as it could provide a fun alternative to Ether which dominates NFT payments, while also ramping up transaction levels and usage via circulation in various DeFi protocols on Ethereum.
In an interview with podcaster Lex Fridman on June 4, Ethereum co-founder and DOGE investor Vitalik Buterin also emphasized the bullish potential that an Ethereum-bridge could have for DOGE, noting that:
"If DOGE wants to somehow bridge to Ethereum, and then people can trade DOGE thousands of times a second inside a loop ring, then that would be amazing."
In Markus’s Twitter thread, he was asked if the bridge is in the works, and responded that “people are working on the DOGE-ETH bridge, yes,” without naming names.
Organizations such as DogeLabs — a collaboration of developers focused on the Dogecoin chain — announced on June 18 that it was exploring the idea of building a Doge-ETH bridge that would enable hodlers to use the asset in Ethereum-based DeFi staking.
DogeLabs also stated that it was looking to the development of a DOGE burn wallet where developers can build “applications that send a small portion of Doge to a public burn wallet to assist in building a deflationary mode around DOGE inflationary growth.”
Markus stepped away from working on Dogecoin in 2015 — selling his stash for the equivalent of a used Honda Civic — however the co-founder is a member of the advisory board of the Dogecoin foundation that was re-established in August. Buterin is also a member of the advisory board.
Related: Crypto is impossible to destroy, says Tesla CEO Elon Musk
The non-profit foundation supports and advocates for the development of Dogecoin, while also protecting its trademark from the likes of copycats such as Dogecoin 2.0.
Cointelegraph reported on Sept. 2 that the Dogecoin Foundation demanded the "Dogecoin 2.0" project change its name and had hired brand protection lawyers to contact the knockoff’s developers in a bid to “protect the Dogecoin community from being misled and to protect the Dogecoin name from possible misuse.”
Fresh-faced memecoin, Dogecoin 2.0, has ruffled the feathers of the Dogecoin Foundation with its name.
The Dogecoin Foundation has issued a statement distancing itself from a new copycat project called Dogecoin 2.0 (DOGE2), firing off legal demands that the new memecoin change its name.
In a letter published Aug. 31st, the Dogecoin Foundation asserts it has engaged brand protection lawyers to contact Dogecoin 2.0’s developers in a bid to “protect the Dogecoin community from being misled and to protect the Dogecoin name from possible misuse.”
Dogecoin 2.0’s website indirectly throws shade at the original canine-themed crypto, stating:
“Dogecoin 2.0 aims to offer investors prolonged growth in utilizing a much more sustainable tokenomics structure than its somewhat inflated predecessor.”
The Foundation’s letter states that Dogecoin enthusiasts, or “Shibes,” have raised concerns about the new project. While the community has historically welcomed new crypto projects, the Foundation accuses Dogecoin 2.0 of co-opting the Dogecoin brand and reputation for advantage.
Dogecoin 2.0 was launched at the start of May on the Binance Smart Chain Network. DOGE2 is currently trading at $0.04 after gaining more than 100% in 24 hours with less than $100,000 worth of daily volume.
The public statement comes just weeks after the formal restoration of the Dogecoin Foundation after a six year hiatus. The foundation will support core developers and projects working on Dogecoin, and has attracted support from leading crypto figures including Ethereum co-founder Vitalik Buterin and Tesla CEO Elon Musk.
Related: Team officially reestablishes Dogecoin Foundation after 6 years
Dogecoin has seen a huge rise in price and popularity since the start of 2021.
According to Coingecko, DOGE’s price peaked in May at an all-time high of $0.68, before shedding more than 73% of its value over the next two months to test a low of $0.18. DOGE is currently changing hands for roughly $0.30 after gaining 50% during August.
A number of other canine-themed crypto tokens have emerged to cash in on Dogecoin’s recent hype, including DogeCash, UnderDog and Doge Token.
The most successful, Shiba Inu, has amassed a market cap of $3.64 billion to rank as the 46th-largest crypto asset according to CoinGecko.
The Dogecoin Foundation has been reestablished with “a renewed focus” to accelerate the development of Dogecoin. Among the foundation’s advisers are Ethereum co-founder Vitalik Buterin and Jared Birchall, the manager of Tesla CEO Elon Musk’s family office. Dogecoin Foundation Relaunched The Dogecoin Foundation has been reestablished “with a renewed focus on supporting the Dogecoin ecosystem, […]