February 6, 2023

Dogecoin, the largest memcoin in the industry by market cap, is once again in the spotlight due to some developments in its ecosystem. Recently, the Dogecoin Foundation announce LAUNCH LIBDOGECOIN TO MAKE IT dog Acceptable on multiple platforms. Aside from the increase in DOGE capabilities, this new development may also have some impact on price action over the coming months.

What’s with the new version

A few weeks after Dogecoin Core version 1.14.6 was released, lead developer Michi Lumin announced LIBDOGECOIN. According to him, LIBDOGECOIN is a C library of Dogecoin building blocks, which should allow less technically proficient users to easily develop Dogecoin-compatible products.

In addition, 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 will greatly help in demonstrating the untapped potential of DOGE.

What does history tell us?

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

As LIBDOGECOIN adds many upgrades and features to the blockchain, it may also have a positive impact on the value of memecoin. In fact, over the past 48 hours alone, the value of DOGE has skyrocketed on the charts.

Source: DOGE / USD, TradingView

Although criticized as mere memecoin, on several occasions, dog It outperformed its competitors and showed higher gains. As one of Elon Musk’s favorite cryptocurrencies, the entrepreneur himself is likely to drive the price of DOGE higher, as history shows.

Recently, during a YouTube podcast, Hey Musk claimedAnd the

“I actually think oddly enough that although Doge was designed to be such a ridiculous joke currency, DOGE’s total actual transaction production capacity is significantly higher than Bitcoin.”

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