Bitgo Reveals Wrapped Dogecoin Token Built on Ethereum

On Nov. 2, 2022, the digital asset custody business and financial services provider Bitgo introduced a wrapped version of the meme coin asset dogecoin built on top of the Ethereum blockchain. The company detailed the wrapped dogecoin initiative, the Wdoge DAO, is through a partnership between the Dogecoin Foundation, Bluepepper, and Mydoge wallet.

Timeline of Dogecoin, Ethereum

Former Goldman Sachs executive Raoul Pal says the potential of one crypto sector is being massively underestimated by everyone. In a lengthy Twitter thread, Pal tells his 984,000 followers that non-fungible tokens (NFTs) could reshape almost every aspect of societal infrastructure.

Dogecoin, earlier today, once again initiated a rally that enabled it to go up by 6% in just 24 hours, peaking at $0.127. But as hours went by, DOGE lost some of its momentum as it is now trading at $0.122 according to tracking from Coingecko.

As of 5 November, Vitalik Buterin tweeted the ‘updated roadmap diagram' depicting the changes in store for Ethereum [ETH]. As can be witnessed, changes were made to The Verge and Scourge segments of the roadmap.

Ethereum price analysis is bearish today as we have seen steady retrace from the previous high over the last 24 hours with no signs of buying interest. Likely ETH/USD will continue even lower next week and look to set another higher low below $1,600 support.

Twitter has reportedly shelved plans to build a crypto wallet, amplifying Dogecoin losses after a bountiful bull run last week. According to a report by tech blogger Casey Newton, the decision to set aside the wallet was part of the company's restructuring plan initiated by its new owner Elon Musk.

Ethereum is currently at the mercy of sellers that could put a huge dent on its bullish momentum and pull it back to the $1,500 region, or even lower. The king of all altcoins took advantage of the crypto market's late October push, surging all the way to $1,655.

Dogecoin price analysis for November 6, 2022, shows the meme cryptocurrency following a declining movement for the last 48 hours. The price spiked from $0.1186 to $0.1353 on November 5, 2022.

Twitter and its new owner, billionaire and Tesla CEO Elon Musk, is currently under fire following a decision that will effectively make the social media platform a dubious source of information – or so detractors of the social media giant under new management says.

Dogecoin price prediction remains bullish above the $0.1200 level, which is being extended by 38.2% Fibonacci retracements. Since Elon Musk acquired control of Twitter a month ago, Dogecoin has been one of the top-performing cryptocurrencies. 

After finding a bullish volatile break, Dogecoin witnessed a bullish pattern on its daily chart. DOGE's Open Interest in the past 24 hours corroborated with the increased bullishness.