Dogecoin Doesn’t Need an Ethereum Bridge, According to Elon Musk

Key Insights:

• Elon Musk and Dogecoin founder engaged in a conversation about Dogecoin’s future today.
• Musk’s influence on the meme coin continues to grow every day.
• Dogecoin has rallied by over 16% in the last 24 hours.

The DOGEfather made some comments about the meme coin today, and naturally, the Dogecoin market went into a frenzy.

Although it wasn’t just this comment as the ongoing deal talks about Elon Musk buying the social media giant Twitter seems to be coming to a conclusion soon.

Dogecoin Doesn’t Need Ethereum

Dogecoin’s founder, Billy Markus, more famously known as Shibetoshi Nakamoto, put out his opinion on Twitter today about what all could add utility to Dogecoin. The three things he mentioned were:-

1) Businesses accepting doge – the more it can be used as a currency, the better.

2) Using doge as a tipping currency – the most pure use case that brings happiness.

3) Dogecoin / Ethereum bridge – allows doge to be used with web3.

In response to this, the Tesla CEO stated that while Dogecoin certainly needs more acceptance, it could do without an Ethereum bridge.

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 that it also holds the most utility for both investors and developers.

Due to its prominence in the crypto space, the chain serves as an excellent opportunity for other chains to attract protocol and investments by forming a bridge between the two chains.

However, in response to Elon’s comment, Shibetoshi said,

“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 (sic).”

Now whether or not Dogecoin will implement an Ethereum bridge is yet to be seen but given Elon’s influence on the meme coin, it could not happen.

In fact, this influence has grown so much that even the remotest development surrounding Elon is affecting Dogecoin.

And the Same Happened Today As Well

As Twitter began facing pressure from its shareholders to take up Elon’s $43 billion offer to sell the social media platform, Dogecoin noticed some spikes.

But in the last four hours, as reports surfaced that Twitter would be accepting the offer, Dogecoin went into a frenzy.

Within the next couple of hours, the altcoin jumped and shot up by 16% and is continuing to rise, creating an overall 17.44% rise in the last 24 hours.

Thus trading at $0.1524, if the coin can manage to keep going, it will recover all the losses it faced throughout the month of April.