Dogethereum is an experimental effort to bring dogecoin to the Ethereum blockchain, enabling the use of Dogecoin with Ethereum smart contracts through a new DOGE-backed Ethereum token. The system acts essentially as an Ethereum-Dogecoin bridge, where DOGE can be transferred back and forth between the blockchains with the help of a smart contract and supporting tools.
This bridge brings a new level of functionality to the Dogecoin ecosystem, where any Ethereum smart contracts can work with the bridge token. This ultimately brings features like on-chain multisig wallets and bounty contracts to the Dogecoin ecosystem.
During its run-up, DOGE jumped from $0.0024 to nearly $0.007, almost a 300% gain in just a matter of weeks. However, since hitting its peak, DOGE has been in a steady downtrend and now sits at $ 0.0028, an almost full retrace from the Dogethereum surge.
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