Dogecoin, the industry’s largest memecoin in terms of market cap, is once again in the spotlight due to certain developments in its ecosystem. Recently, the Dogecoin Foundation announced the launch of LIBDOGECOIN to make DOGE acceptable on multiple platforms. Aside from an increase in DOGE’s capabilities, this new development could also have some effects on price action in the coming months.
What’s with the new release?
After a few weeks of the release of Dogecoin Core version 1.14.6, core developer Michi Lumin announced LIBDOGECOIN. According to him, LIBDOGECOIN is a C-library of Dogecoin building blocks, allowing less tech-savvy users to easily develop Dogecoin-compatible products.
So after several months, many late/sleepless nights and one false launch, #libdogecoin v0.1 is now ready to play with here:https://t.co/hcYXnt8UJX
Huge props to the rest of our little lib team, @KBluezr and Jackie (github:jaxlotl), for the insane effort.
More to come.
— Michi Lumin (@michilumin) August 5, 2022
Moreover, another notable feature of LIBDOGECOIN is that it supports multiple languages, including Python, Ruby, and Node.js. This development adds to the value of the Dogecoin blockchain as it would significantly help demonstrate DOGE’s untapped potential.
What does history teach us?
Major updates to the blockchain are often followed by a change in the coin’s price action. For example, in November 2021, the 1.14.5 version of Dogecoin Core was released, with key security fixes and network regulation changes. After its release, DOGE’s value rose immediately, reaching $0.2822. However, thanks to the last crypto winter, a trend reversal happened quickly.
As LIBDOGECOIN adds various upgrades and features to the blockchain, it can also positively impact the value of the memecoin. In the past 48 hours alone, DOGE has risen significantly on the charts.
Source: DOGE/USD, TradingView
Despite being criticized on several occasions as being merely a memecoin, DOGE has outperformed its competitors and achieved higher profits. As one of Elon Musk’s favorite cryptocurrencies, the entrepreneur himself is likely to trigger a rise in the price of DOGE, as history shows.
Recently, on a YouTube podcast, Musk claimed,
“I actually think weird, although Doge was just designed to be like this ridiculous joke currency, but DOGE’s actual total transaction capacity is much higher than Bitcoin.”