Dogecoin Soars Over 140% In Three Days as Dogethereum Smart Contracts Launch Nears

News and Analysis

Dogecoin moved to the 21st place in CoinMarketCap rankings on Saturday, September 1, following an impressive price run growth which saw this “joke coin” gaining over 140 percent over the last three days and reaching 0.00000085 BTC on several exchanges.

Just five days ago, on August 26, DOGE was changing hands at around $0.0023 (0.00000035 BTC), and even though the coin went slightly up in the next two days it wasn’t until Thursday that it had its first noteworthy price spike of the week.

Taking one height after another, DOGE reached 0.00000046 on Thursday, 0.00000055 BTC on Friday, finally touching 0.00000085 BTC ($0.0058) on Saturday.

With the market cap of $663,4 million, Dogecoin is now just one place behind Zcash.

These developments come as the latest news from the DogeCoin development team see the project expanded with a “Dogethereum” version, a smart contract allowing for a direct swap, making DOGE exist on the Ethereum network.

The project was first mentioned in December 2015, when Vitalik Buterin said that Dogecoin would be transferred onto the Ethereum network, and August 2018 saw the Dogethereum alpha release.

According to the blog post, the bridge between Dogecoin and Ethereum uses the “Superblocks” concept to move coins Doge->Eth and a “collateralized” bridge to move coins Eth->Doge.

The Dogethereum demo is expected on September 5 with this bridge likely increasing the scalability of both projects and Dogecoin specifically benefiting from Ethereum’s liquidity once its ‘Doge/Ethereum’ link is complete.

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