The Dogecoin Foundation has released a trail map of its journey. In a post on X, the foundation shared an image depicting the journey of how it achieved its objective.
Dogecoin Evolves From Meme Coin to Payment Option
The first step in the trail map detailed Dogecoin’s (DOGE) early days as the first “dog-themed coin” in the crypto space.
Notably, the foundation hoped to include about 1.7 billion people who are either under-banked or unbanked worldwide. They aim to make it easier for businesses to integrate Dogecoin as a payment option, even for those without access to traditional banking.
Analysts maintain optimism that the plans could spark a breakout for Dogecoin’s price with growing utility increases. Dogecoin Foundation has rolled out some significant projects under phase two.
These include GigaWallet Payment Gateway, E-Commerce plugins, and Dogebox OS. The foundation underlined that it has achieved a 90% success rate and remains focused on attaining a hundred percent.
Project Sakura: Addressing Dogecoin Scalability and Security
The Dogecoin Foundation must address scalability issues for DOGE to become a global currency. Primarily, its network has to cope with high-volume transactions, hence the focus on its throughput—transactions per second.
The foundation says project Sakura has commenced and completed 10% of the work so far. To ensure the accomplishment of this target, the chain will have to upgrade its protocol.
Key targets in this regard include transaction speed and reduced gas fees. Interestingly, the trail map shows that the Dogecoin Foundation has set a target of attaining ten times the current block speed.
Its ambition also includes ten times the block size and maximum decentralization. Some analysts have also suggested that the blockchain focuses on increasing its network security. This is particularly important given the incessant malicious attacks on the broader crypto ecosystem.
Could a DOGE ETF Be Next on the Horizon?
Although the foundation has not explicitly stated it will pursue an Exchange-Traded fund (ETF), its ambitious path hints at the possibility. Should the Dogecoin Foundation pursue a DOGE ETF, it has some edge over other dog-themed meme coins.
As reported by The Coin Republic, Arthur Hayes, co-founder of BitMEX, maintained that Dogecoin is user-friendly for new entrants. Specifically, a newbie does not need to understand blockchain to use DOGE.
Therefore, Hayes expressed optimism that a DOGE ETF could be a possibility. Meanwhile, in March this year, DOGE witnessed a massive 80% surge in price when speculations about DOGE ETF hit the crypto community.
Financial experts consider this a good sign of the community’s acceptance should the product be explored. Despite market volatility, Dogecoin has managed to stay among the elite top ten cryptocurrencies in the space.
Its market capitalization stands well over $14 billion. As of the time of writing, data shows DOGE price was changing hands at $0.09839, which represents a 0.44% uptick within the past 24 hours.
