Dogecoin price is tightly consolidating within a very narrow range of $0.065 and $0.07 after the steep fall during the past weekend. While many altcoins have already begun with a significant recovery, the DOGE price also appears to have rebounded. Additionally, a notable upgrade is fast approaching which may uplift the price close to or beyond $0.1 very soon.
Blue Pepper, the brain behind the upcoming Dogecoin-Ethereum bridge has announced the product to be launched late this year. The company in its blog post highlighted the role of the bridge, the challenges faced to build and also the main actors of the bridge.
“We are working now on wDoge bridge and we expect it to be live in 2022. It is a new bridge design inspired by WBTC design,”
The WBTC design is considered the most secured as in its 4 years of trade, it never fell prey to any hack. The platform intends to offer a complete decentralized way of bridging DOGE to ETH and other chains. Therefore, presently, analyzing the use of Zero-Knowledge(ZK) within the bridge.
Will DOGE Price be Impacted by the Bridge?
The Dogecoin-Ethereum bridge enables the Doges to move from the Dogecoin blockchain to the Ethereum blockchain & Vice-versa. The DOGE on Ethereum can further be used to complete Smart Contracts, DeFi protocols, NFT marketplaces, wallets with attractive features, etc. Therefore, the demand for the asset is expected to rise along with a decent surge in the price.
Currently, the DOGE price is still swinging within the same descending triangle and consolidating hard. Mainly due to the fact that the DXY Index is coiling up but showing the signs of rejection, many cryptos are undergoing a similar price action. A minor breakout in either the Index or Bitcoin price could induce significant volatility.
Therefore, it seems that the DOGE price may be at the foothill of a major explosion and hence may be a good time to buy Dogecoin.