For Dogecoin (DOGE) to really thrive, it needs to have a bridge built between Ethereum and non-fungible token platforms (NFTs).
"The creation of a DOGE-ETH bridge, combined with the adoption of DOGE by an NFT platform such as OpenSea, would maximize DOGE's effectiveness," Billy Markus, co-creator of the most valuable meme coin, tells his half a million of his Twitter followers.
"Cryptocurrency users are in high demand for NFT purchases. Making the NFTs buyable through DOGE would significantly increase their utility."
Dogecoin founder Vitalik Buterin, who is on the Ethereum advisory board, has previously proposed that a DOGE-ETH bridge could lower transaction fees and allow for higher transaction speeds.
Lex Fridman, a YouTuber, interviewed Buterin in June.
"To have a secure bridge between DOGE and Ethereum would be great. Ethereum has very low transaction fees and very fast speeds when it is scalable, so trading with DOGE would be very efficient."
Elon Musk, the billionaire tech entrepreneur, has been a vocal in both supporting and critiquing the meme coin. Musk suggested lowering the transaction fees for DOGE.
Dogecoin (DOGE) is based on the doge Internet meme. It features an image of a Shiba Inu on its logo. It was forked in December 2013 from Litecoin by Billy Markus and Jackson Palmer, who live in Portland and Sydney, respectively.
The creators of Dogecoin envisioned it as a fun, light-hearted crypto asset that would appeal beyond the core Bitcoin audience since it is based on a dog meme. Elon Musk, CEO of Tesla, has proclaimed Dogecoin to be his favorite coin several times on social media.
A crucial difference between Dogecoin's proof-of-work protocol and Bitcoin's is that Dogecoin uses scrypt technology, whereas Bitcoin relies on the SHA-256 consensus mechanism to secure its network.