Binance

Last August, Dogecoin (DOGE), a cryptocurrency based on a popular meme that boasts low-fee transactions and a scalable network, went on a massive run thanks to the “Dogethereum” demo.

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.

CoinCodex

DOGE now has a $327.3 million market cap, making it the 25th largest coin in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More: Such Dogecoin, Much Gainz: Memecoin Jumps 150% This Week
Similar: Bitcoin Market Cap Breaches $100 Billion for the First Time in 13 Months

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Voyager