Cryptocurrency custodian BitGo announced on Wednesday through its partnership with wDogeDAO. Ethereum to the blockchain wrapped Dogecoin (wDOGE) announced that it will present
BitGo Announces Access to Decentralized Applications in the Ethereum Ecosystem with Wrapped Dogecoins
Having Dogecoin wrapped means holders can use wDOGE tokens for decentralized applications (dapps) in the Ethereum ecosystem. All wDOGEs will be backed by a 1:1 DOGE token.
In addition, BitGo will provide hot wallets, qualified custody and user managed custody for both DOGE and wDOGE by the end of the month.
The announcement comes after the price of DOGE rose 102% throughout October. Analysts attribute this big jump to the excitement behind Twitter’s takeover by Elon Musk, a big supporter of the popular meme coin.
The Dogecoin community thinks that with the acquisition of Twitter by their biggest supporter, Elon Musk, a DOGE support can be given on the platform and DOGE token can be used as a tip.
Musk is thought to support this when he shared a photo with a Halloween-themed Shiba Inu dog and Twitter logos.
According to CoinDesk’s crypto price index, DOGE is the sixth largest cryptocurrency in the world with a market cap of approximately $19 billion.
BitGo Vice President of Product Nuri Chang stated that Dogecoin “both large and small users are among the most active users in the crypto community.”
“The wDoge bridge enables this activity to spread across the Ethereum and DeFi ecosystem,” Chang said.
*Not investment advice.
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