March 23, 2023

Dogecoin, the industry’s largest memecoin in terms of market cap, is back in the limelight due to certain developments in its ecosystem.Recently, the Dogecoin Foundation Announce The launch of LIBDOGECOIN makes Governor Acceptable on multiple platforms. In addition to the increase in DOGE capacity, this new development could also have some impact on its price action in the coming months.

What’s in the new version

A few weeks after the release of Dogecoin Core version 1.14.6, core developer Michi Lumin announced LIBDOGECOIN. According to him, LIBDOGECOIN is a C library for Dogecoin’s building blocks, which will allow less technically sophisticated users to easily develop Dogecoin-compliant products.

Also, another notable feature of LIBDOGECOIN is that it supports multiple languages, including Python, Ruby, and Node.js. This development increases the value of the Dogecoin blockchain as it will go a long way towards demonstrating the untapped potential of DOGE.

What does history tell us?

Major updates to the blockchain are often accompanied by changes in the price behavior of tokens. For example, version 1.14.5 of Dogecoin Core was released back in November 2021, bringing major security fixes and adjustments to network regulations. Immediately after the release, DOGE’s value rose to $0.2822. However, a trend reversal happened quickly as a result of the last crypto winter.

As LIBDOGECOIN adds several upgrades and features to the blockchain, it may also have a positive impact on the value of memecoin. In fact, in the past 48 hours alone, DOGE has risen significantly on the leaderboard.

Source: DOGE/USD, TradingView

Despite being criticized for being memecoin only, in some cases, Governor Has surpassed its competitors and showed higher returns. As one of Elon Musk’s favorite cryptocurrencies, the entrepreneur himself is likely to trigger an increase in the price of DOGE, as history has proven.

Just recently, on a YouTube podcast, Musk claim,

“I think it’s actually weird that while Doge was just designed to be this ridiculous joke currency, the actual total transaction throughput capacity of DOGE is much higher than Bitcoin.”

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