Ethereum co-founder Vitalik Buterin has a big vision for Dogecoin. He hopes the meme coin would gain market stability and improve trading systems in the near future. He also suggested channeling Doge funds to the decentralized autonomous organization (DAO) to support its "wholesome ethos."
On Thursday, Buterin posted an experiment on his Twitter account. He said people he followed were allowed to ask crypto and non-crypto questions. With that, topics regarding Dogecoin and Ethereum were immediately asked.
Doing a random twitter experiment just on this day. Only the 268 people I follow can reply to this tweet. Feel free to ask things and I'll talk about anything crypto or non-crypto related.— vitalik.eth (@VitalikButerin) September 1, 2021
Vitalik Buterin Tweets about Dogecoin Price Prediction
Many on the internet should be familiar with the meme coin that has been a hot topic in these last few months. To quickly summarize, Dogecoin is an altcoin to Bitcoin, conceptualized through the Shiba Inu meme. However, inflationary features ignited investor interest, which led to the controversial meme token gaining real market value.
Despite its struggles to recapture its peak market records, Buterin showed interest in Dogecoin.
When the CEO of Three Arrows Capital, Su Zhu, asked him about his Dogecoin and Ethereum integration ideas, Buterin said he hopes "Doge can switch to PoS soon."
Personally, I hope that doge can switch to PoS soon, perhaps using ethereum code. I also hope they don't cancel the 5b/year annual PoW issuance, instead they put it in some kind of DAO that funds global public goods. Would fit well with dogecoin's non-greedy wholesome ethos.— vitalik.eth (@VitalikButerin) September 2, 2021
Ethereum is currently undergoing a transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) model. This transition should ideally improve scalability and lower cost fees on the Ethereum network. A few internet discussions also emphasized that PoW requires high electricity consumption, which results in environmental concerns, contrary to PoS throughput.
If Dogecoin adopts this similar model, it could potentially increase demand and market price to new records.
Buterin finished his answer with a comment about the Dogecoin token supply. According to Cryptoslate, Dogecoin initially launched with a 100 billion fixed token supply. However, with its growing popularity and tipping mechanism, Doge resorted with a $5 billion new supply every week.
Buterin said that he's in favor of keeping its current issuance. However, he also suggested channeling Dogecoin token to "fund(s) global public goods." With Dogecoin's "non-greedy wholesome ethos," it seems fitting for the crypto coin to make meaningful investments in the market.
Dogecoin Price and Ethereum Price After Vitalik Buterin Tweets
Ideally, Buterin increased confidence to investors in the Dogecoin market. He also gave many fascinating insights that could be used to develop the Dogecoin market greatly in the coming months. It is also worth noting that Buterin got named as an advisor in a recently re-established Dogecoin Foundation board.
At the time of writing, Dogecoin is priced at $0.29, with a 2.41 percent downward trend in the last 24 hours. Despite Buterin's tweet, Dogecoin struggled with its performance, trading between $.28 to $.30. However, investors are being warned about its volatile nature. Price spikes and drops can happen at any moment without prior notice.
Notably, Ethereum is trading at $3,801.87 with a 2.03 percent upward trend in the last 24 hours. Ethereum activity seems to have greatly improved with its ongoing transition from PoW to PoS.
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