Key Take-Aways:
- Dogecoin Founder and Musk engaged in conversation about Dogecoin’s future via Twitter.
- Musk believes Dogecoin needs more acceptance, but it could do without an Ethereum bridge.
- Dogecoin has rallied by over 20% following Musk’s buyout deal with Twitter.
Shibetoshi Nakamoto, the pseudonym used by the person who developed bitcoin, took to Twitter recently to talk about the ways to add utility to dogecoin. They tweeted the first point which was that the more businesses accepted doge as currency, the better it would be.
The second point Shibetoshi gave in their tweet had a fun tone to it and read as:”2)Doge as tipping currency-the most pure case that can bring happiness”. The last and third point shibetoshi tweeted talking about the ways to increase utility to Dogecoin was about using the dogecoin/Ethereum bridge to further allow doge to be used with Web3.
The tweet ends with Shibetoshi talking about the existence of the infinite speculative instruments in crypto and how he considered doge to be a useful one beyond just speculation. Soon, after the tweet was posted, Elon Musk, the Tesla CEO, commented on it. Musk’s Tweet reads” First one definitely, second is nice to have and third isn’t needed, imo”
Ethereum is known as the home of the Decentralized Finance since the chain not only houses the most protocol and TVL in the entire DeFi space but it also holds the most utility for both investors and developers. Due to its prominence in the crypto space, the chain serves as a stellar opportunity for other chains to attract protocol and investments by forming a bridge between the two chains. Musk’s comment on the viability of Ethereum Bridge has put the Internet in a frenzy, with many netizens seeking answers to why he thought Ethereum Bridge wasn’t needed.
Shibetoshi responded to Musk’s comment and his tweet read “yeah – personally I see web3 as a developer playground which is why I support it, tho I also think it’s not named properly as I don’t think it’ll take over the web, I think it’s more just like “log into some things with your crypto wallet + track virtual goods, but I do like the idea of purchasing virtual items with Dogecoin more seamlessly and being able to build EVM projects with Dogecoin in mind. ex. a website reads your crypto wallet, sees you have Dogecoin, and unlocks some feature for you, I think that adds some utility to doge”.
Shibetoshi has long believed in the immense potential Dogecoin possesses, especially in the web3 ecosystem. The Tesla CEO has always been a staunch supporter of Dogecoin, and his influence on the meme coin had been immense. Given this, the answer to whether Dogecoin will implement an Ethereum bridge is now leaning more to the side of ‘No.’ Dogecoin also jumped over 20% after Twitter agreed to Elon Musk’s buyout deal.
