Elon Musk Reacts to Dogecoin Founder Saying DOGE-Ethereum Bridge Will Boost Token's Utility

Shibetoshi Nakamoto, the pseudonymous founder of Dogecoin, indicated in a recent tweet that constructing a token bridge between DOGE and Ethereum will increase the meme coin's utility.

According to the Dogecoin founder, the effort will allow non-fungible token (NFT) markets such as OpenSea to accept the cryptocurrency as payment for various digital items featured on the platform.

Shibetoshi Nakamoto revealed that the bridge would allow DOGE to be converted to Wrapped Dogecoin and back, allowing the meme coin to be used as payment for web 3.0 assets.

NFTs are Gaining Popularity

Non-fungible tokens have gotten a lot of press recently, with billions of dollars changing hands on various NFT exchanges. As the popularity of NFTs grows, more digital collectables are being released by multiple retailers.

While specifically non-fungible tokens (NFTs) are housed on platforms such as Solana and Ripple, the most popular non-fungible tokens, such as Bored Ape Yacht Club (BAYC), have been released.

It's worth noting that the preferred coin payment is ETH for non-fungible tokens created on the Ethereum network.

A converter bridge between DOGE and ETH, on the other hand, will allow the meme coin to be used as payment for digital collectables on the Ethereum network.

Other Ideas for Increasing DOGE Utility

Apart from building a Dogecoin-Ethereum bridge, Shibetoshi Nakamoto mentioned two more initiatives to boost DOGE's usability.

More companies accept the cryptocurrency, and the inclusion of the meme coin in Twitter's tipping function will increase its utility.

Elon Musk, the founder and CEO of American electric car firm Tesla, responded to the Dogecoin pseudonymous founder's Twitter remark.