The new Dogecoin release is out, but will it be enough for DOGE
Dogecoin, the biggest memecoin in the industry by market cap, is back in the spotlight thanks to some developments in its ecosystem. Recently, the Dogecoin Foundation announced the launch of LIBDOGECOIN to make DOGE acceptable on multiple platforms. In addition to improving DOGE’s capabilities, this new development may also have some effect on its price action in the coming months.
What about the new edition?
Several weeks after the release of DOGE Core version 1.14.6, lead developer Michi Lumin announced LIBDOGECOIN. According to him, LIBDOGECOIN is a DOGE building block library that allows less tech-savvy users to easily develop Dogecoin-compliant products. Additionally, another outstanding feature of LIBDOGECOIN is that it supports many languages, including Python, Ruby, and Node.js. This development increases the value of the DOGE blockchain as it greatly helps demonstrate the untapped potential of DOGE.
What does history tell us?
Major blockchain updates are often followed by a change in a coin’s price action. For example, already in November 2021, DOGE Core version 1.14.5 was released, which brought with it important security fixes and changes 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.”