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The new Dogecoin release is out, but will it be enough for DOGE

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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. 

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. 

Source: DOGE/USD, TradingView

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.”

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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