March 2, 2024

Dogecoin, the industry’s largest memecoin in terms of market capitalization, is back in the limelight due to some developments in its ecosystem. Recently, the Dogecoin Foundation was announced the launch of LIBDOGECOIN to do DOGE accepted on many platforms. In addition to increasing DOGE’s capabilities, this new development may also have some implications for its price in the coming months.

What’s up with the new version?

After a few weeks since the release of Dogecoin Core version 1.14.6, core developer Michi Lumin announced LIBDOGECOIN. According to him, LIBDOGECOIN is a C library with Dogecoin building blocks, which would allow less technically sound users to easily develop Dogecoin compatible products.

Additionally, 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 greatly help demonstrate the untapped potential of DOGE.

What does history tell us?

Major blockchain updates are often followed by a change in the coin’s price action. For example, in November 2021, Dogecoin Core version 1.14.5 was released, bringing with it significant security fixes and adjustments to network regulations. After the release, the value of DOGE immediately increased, reaching $0.2822. However, a trend reversal soon occurred, thanks to the latest crypto winter.

As LIBDOGECOIN adds several upgrades and features to the blockchain, it can also have a positive impact on the value of memecoin. In fact, just in the last 48 hours, DOGE has appreciated significantly on the charts.

Source: DOGE/USD, TradingView

Despite being criticized as a simple memecoin on several occasions, DOGE has outperformed its competitors and posted higher profits. As one of Elon Musk’s favorite cryptos, it is possible that the businessman himself will cause an increase in the price of DOGE, as evidenced by history.

Just recently, during a podcast on YouTube, Musk he claimed,

“I think really strangely, even though Doge was designed to be like this ridiculous joke currency, the actual overall transaction processing capacity of DOGE is much higher than Bitcoin.”

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