Facebook Outage Benefited Cryptocurrencies and Dogecoin (DOGE) in Particular

Facebook Outage Benefited Cryptocurrencies and Dogecoin (DOGE) in Particular

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The global failure of Facebook, Instagram and WhatsApp has benefited the cryptomarket.

Most cryptocurrencies have grown as they demonstrate the superiority of decentralized systems over centralized ones. One of the growth leaders is Elon Musk’s favorite coin and the popular memecoin Dogecoin (DOGE).

Previously, Dogecoin fell for six weeks in a row. But perhaps this dubious coin is now poised to soar again. Dogecoin has risen due to Elon Musk, who has created much hype around the coin with his tweets. After many criticisms from the crypto community, Musk has stopped promoting DOGE with his verbal interventions but continued supporting the memecoin in other ways.

Two weeks ago, Musk’s space company SpaceX completed the Inspiration4 mission. Four civilians were launched into space, and also several dozen non-fungible tokens (NFT). As it turns out, the Dogecoin Foundation is targeting the NFT market. This was announced on Twitter by Dogecoin co-founder Billy Markus. The creator of the memecoin believes that DOGE will show maximum efficiency in cooperation with an NFT platform such as OpenSea. Marcus stated:

– NFT purchasing is high [in] demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility.

According to the co-founder of Dogecoin, this idea was suggested by Vitalik Buterin, the creator of Ethereum (ETH) and, more recently, an advisor to the Dogecoin Foundation. Buterin believes that it is enough to build a DOGE-ETH bridge for memecoin to become a popular means of paying for NFTs. Earlier, the founder of Ethereum said that after the launch of ETH 2.0 using the bridge, “you would be able to trade with DOGE at extremely low transaction fees and very high speed as well”. Buterin also proposed to transfer the Dogecoin blockchain from the Proof-of-Work consensus to Proof-of-Stake, that is, to carry out the same upgrade that is performed on the Ethereum network. The DOGE-ETH bridge is a simpler and cheaper solution.

The popular memecoin DOGE had been decreasing for six weeks in a row since mid-August. In the first half of the year, Elon Musk’s favorite cryptocurrency showed tremendous growth with his help. In early January, DOGE was worth $0.0047, and on May 8, a record was set at $0.7376. The growth was an incredible 15593%. The rave reviews of those who managed to make money on this rally appeared on the web, with photos of new Lambos.

DOGE entered the top seven cryptocurrencies in terms of capitalization, overtaking many functional blockchains’ coins. However, soon DOGE dipped, and at the end of July, it was already worth about $0.2. DOGE rebounded 50% by mid-August along with the market but continued to fall after that. Statements from the co-founder and authoritative advisor of the Dogecoin Foundation could help DOGE repeat its skyrocket.