Yearn.finance joins dog pack with WOOFY, what if Bitcoin takes the same way?
Instead of making dogecoin the currency of the future, it’s better to split Bitcoin into one in 100 million
Despite Dogecoin retracing from its all-time highs, such tokens in the zoo continue to attract astonishing levels of popularity, and Yearn.finance, one of the most prominent teams in DeFi cashed in on the canine meme coin craze with the launch of its WOOFY token, so what if Bitcoin takes the same way and launch a token with a 1:100 million exchange rate to Bitcoin? Will this method help increase Bitcoin's liquidity and attract newbies to buy?
Some pros to launch a dog token of bitcoin
The denomination of a single bitcoin is quite large and has an extremely high probability to get larger in the future with the quadrennial halving mechanism. This will undoubtedly raise the threshold for bitcoin purchases. By splitting into dog tokens, bitcoin can become affordable and accessible to more people, thus strengthening the consensus of the bitcoin network.
The meme coin frenzy indicates that traders may prefer tokens with a larger circulating supply and lower fiat price versus a low supply and high token price. While most of these coins have no utility at all other than being a vehicle of speculation. Therefore, the popping up of a dog token of bitcoin will give people a more valuable investment opportunity. Instead of buying shitcoins, it is better to buy a slice of bitcoin.
Although whether traders choose to hodl Bitcoin or a dog token of bitcoin is arbitrary, with traders’ preference for one cryptocurrency over the other having no impact on Bitcoin’s overall market capitalization, the introduction of a meme token may reduce the volatility of Bitcoin’s price by creating arbitrage opportunities between these two cryptocurrencies.
Any cons about this proposal? Would you like to buy a dog token of bitcoin with a 1:100 million exchange rate?
