Wrapped Dogecoin (wDOGE) Rejected by Dogecoin Community, Even Traded on MEXC Global

Wrapped Dogecoin or wDOGE is a Dogechain project. (Photo: doc.Dogechain)

JAKARTA – Wrapped Dogecoin (wDOGE) which is a synthetic version of Dogecoin (DOGE) has reportedly started trading on one of the crypto exchanges. According to a recent report, wDOGE is already listed on the MEXC Global crypto exchange.

The information was conveyed in an announcement from a crypto exchange blog on Thursday, September 1, 2022. With wDOGE registered, platform users can trade the token with the wDOGE/USDT and wDOGE/DOGE pairs. Apart from MEXC Global, another crypto exchange that has added support for Dogechain is KuCoin.

According to a U.Today report, in order to receive wDOGE tokens, DOGE holders must bridge their holdings to Dogechain, a recently emerging Layer 2 solution powered by the Polygon network.

wDOGE, which has a maximum supply of 129.1 billion tokens, can be used in various decentralized finance (DeFi) applications and NFT markets. Because Dogechain is compatible with the Ethereum Virtual Machine, developers are able to build new applications on Ethereum without having to learn a new programming language.

Dogecoin Community (DOGE) Rejects Dogechain's Presence

Information on the registration of Wrapped Dogecoin (wDOGE) on MEXC Global was announced directly in a post on MEXC Global's official Twitter account, @MEXC_Global on September 1.

Dogechain itself intends to bring DeFi to the meme coin community. However, the presence of Dogechain itself has been strongly rejected by the Dogecoin community. Not only that, DOGE co-founder Billy Markus has also turned down an offer to promote the wDOGE token in exchange for 14 million US dollars.

In this case, the Dogecoin Foundation is not associated with the Dogechain project. The reason is, Dogechain is developed by mostly anonymous teams. On the other hand, leading crypto hunter ZachXBT stated that the Dogechain project could be a pump and dump scheme. In addition he also stated that the original Dogechain token is still in question.