News about Dogecoin

Dogecoin Labs, formed with the Dogecoin Foundation, will own and operate the MyDoge wallet, the DogeOS application network and the Such App merchant payment tools, with MyDoge and DogeOS founder Jordan Jefferson as CEO. The aim is to connect developers building apps on DogeOS, holders who find them through MyDoge, and merchants accepting payments through Such App, giving DOGE more ways to be used. MyDoge says it has more than 500,000 users without paid acquisition, and its V3 update links the wallet to DogeOS apps, though the announcement does not say how many users are active. Such App's beta already supports invoices and in-person QR payments, but its DogeOS connection is still in planning, and DogeOS's featured apps remain “coming soon” even though its public test network opened on Sept. 30, while a planned security link to the Dogecoin blockchain is still a draft. DOGE was recently trading around 8.2 cents, up 3.9% in the past 24 hours.

Dogecoin was created in 2013 as a meme and reached an all-time high of $0.73 in 2021, with a market cap above $90 billion, but has since lost almost 90% of its value and traded at $0.08 as of Oct. 18. The author notes only 2,373 businesses accept it, so demand is weak. Developers are building DogeOS, an application layer compatible with the Ethereum virtual machine where app fees are paid in Dogecoin, which could create demand if the ecosystem grows. However, the author points out that developers can already build on Ethereum and that up to 5 billion new coins can be mined each year with no end date, diluting supply. The author concludes that $1 per coin is unlikely in 2027.