BitGo has announced that it will be launching a wrapped version of the largest meme coin Dogecoin. According to the officials, the new wrapped version of DOGE has been dubbed as “wDOGE”.
BitGo to Launched wDOGE
BitGo has announced that it would be launching the new wrapped dogecoin (wDOGE) through the Ethereumblockchain.
BitGo has announced that it has launched the wrapped version of DOGE by forming a partnership with a cryptocurrency custody firm known as wDogeDAO.
The announcement surrounding the launch of the new token was made by BitGo on November 2.
Purpose of launching wDOGE
With the launch of the Wrapped Dogecoin, BitGo has enabled the holders to be able to use the token on the decentralized applications (dapps). The users would be able to use wDOGE through the Ethereum ecosystem.
As communicated by BitGo, the Wrapped Dogecoin is in sync with the trading price of DOGE. The wrapped DOGE would be trading at a 1:1 ratio with the Dogecoin.
More to Come from BitGo
BitGo has announced that in addition to offering wDOGE, it will be offering more options to investors.
The users would be able to access self-managed custody, qualified custody, and hot wallets. These features would be able for both the wDOGE and DOGE.
BitGo has announced that it is aiming to make all of these features and services available by the end of November.
Announcement Follows DOGE’s 102% Price Surge
According to the reports, BitGo announced the launch of wDOGE right after a great rally was hit by DOGE.
The report shows that by the end of October, the trading price of DOGE started to move in the upward direction. The trading value of DOGE rose by 102% towards the end of October.
The rise in the trading price of DOGE was driven by the excitement of the investors due to the recent acquisition of Twitter by Elon Musk.
Since 2021, Elon Musk has continued acting as the largest booster for DOGE. He has continued making announcements that have worked wonders in favor of the largest meme coin.
Sixth Largest Cryptocurrency
The overall valuation of Dogecoin is currently sitting at $19 billion, making it the six-largest cryptocurrency in the entire crypto-verse.
Nuri Chang, the VP at BitGo talked about the growing community of Dogecoin. He stated that as the price of DOGE has risen, investors from all sectors have started backing DOGE.
Whether it is a small investor or a major one, they have continued investing in DOGE. The entire community is actively backing up DOGE and its price may continue growing stronger in the future.