Dogecoin, the industry’s biggest memecoin in terms of market capitalization, is in the limelight again due to certain developments in its ecosystem. Recently, the Dogecoin Foundation announced the launch of LIBDOGECOIN to make DOGE acceptable on multiple platforms. Apart from an increment in DOGE’s capabilities, this new development might also have some effects on its price action over the coming months.
What’s with the new release
After a few weeks of Dogecoin Core version 1.14.6’s release, core developer Michi Lumin announced LIBDOGECOIN. According to him, LIBDOGECOIN is a C-library of Dogecoin building blocks, which would allow less technically sound users to develop Dogecoin-compliant products with ease.
Huge props to the rest of our small lib team, @KBluezr and Jackie (github: jaxlotl) , for the insane effort.
More to come.
— Michi Lumin (@michilumin) August 5, 2022
Additionally, another notable feature of LIBDOGECOIN is that it supports multiple languages including Python, Ruby, and Node.js. This development adds to Dogecoin blockchain’s value as it would considerably help in demonstrating DOGE’s untapped potential.
What does history tell us?
Major updates on the blockchain are often followed by a change in the coin’s price action. For instance, back in November 2021, Dogecoin Core’s 1.14.5 version was released, bringing with it significant security fixes and adjustments to network regulations. Following the release, DOGE’s value hiked immediately, hitting $0.2822. However, a trend reversal happened soon, thanks to the last crypto-winter.
As LIBDOGECOIN adds several upgrades and features to the blockchain, it might also have a positive impact on the memecoin’s value. In fact, over the last 48 hours alone, DOGE has appreciated significantly on the charts.
Despite being criticized as a mere memecoin, on several occasions, DOGE has outperformed its competitors and demonstrated higher gains. As one of Elon Musk’s favourite cryptos, it is likely that the entrepreneur might himself trigger a hike in DOGE’s price, as evidenced by history.
Just recently, during a YouTube podcast, Musk claimed,
“I think actually weirdly even though Doge was just designed to be like this ridiculous joke currency, but the actual total transactional throughput capability of DOGE is much higher than Bitcoin.”