Dogecoin (DOGE), a cryptocurrency based on a popular meme that boasts low-fee transactions and a scalable network, has surged more than 150% this week as investors await the upcoming “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. This 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.
However, despite the potential positives added by the new bridge, Dogecoin developer tweeted a fair warning today for speculators to lower their expectations, emphasizing the upcoming demo is just that, a demo.
Wow did I pick the wrong time to go AFK! Amazing to see the enthusiasm over the last few days, but please remember the Doge/Ethereum demo is… y'know, a demo. I've seen a few places call it a launch and I don't want people disappointed it's not ready for general use yet – Ross
— Dogecoin (@dogecoin) September 1, 2018
Nonetheless, Dogecoin has shown significant strength this week, likely in part due to its addition to Robinhood, the popular commission-free trading app. DOGE is currently ranked 20th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.
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.