Dogecoin preps for major launch while price shows no support

Sahana Kiran
Source – Pixabay

While the entire market sunk into a pool of loss, Dogecoin [DOGE] drowned deeper. Despite the current bearish regime, crypto projects continued making progress. As a result, Doge’s Libdogecoin was inching closer to its launch.

The world has often witnessed Dogecoin as a popular meme coin extensively discussed by Telsa’s Elon Musk. While crypto Twitter continued speculating the inclusion of Doge in Musk’s Twitter, the developers in the network are prepping for some of the biggest updates yet. The highly anticipated Libodogecoin will soon make its debut.

This project will streamline the process of building on the Dogecoin network. Touted as a Clean C library of Doge building blocks, Libodogecoin would allow anyone to build a Doge-compliant product without having to pay much heed to the “deeper specifics of the crypto functions.”

Libodogecoin has proved to have provided the groundwork for prominent projects like Gigawallet as well as RadioDoge. RadioDoge created quite a buzz for making Dogecoin transactions without the internet possible. GigaWallet acts as a noncustodial wallet that aids the trading and tipping of the asset.

With these projects focused on sprucing up Dogecoin’s adoption rate, the price of the OG meme crypto remains frail.

Dogecoin to $1 next to impossible?

The bears have no mercy. With almost every crypto asset trying to make it through this bloody bear market, Dogecoin was slipping off the crypto ladder. While the global market cap dipped below $900 billion, DOGE’s market value shrunk to $6.77 billion. This further pushed the OG meme crypto away from the coveted top 10.

Meanwhile, the price of the asset was at a low of $0.0508 with a 10.66 percent daily drop. The last couple of days were quite harsh on the altcoin pushing it further down by 36 percent. Dogecoin’s latest price movement has put the asset 93 percent below its all-time high.

Additionally, the entire market expected DOGE to hit $1 at least this year following Elon Musk’s Twitter acquisition. However, with Musk still reconsidering his Twitter bid, Doge’s chances to attain $1 were far-fetched.