- Dogecoin is facing a huge crisis both financially and from the point of view of currency trust and potential. This is amplified by the ongoing cryptocurrency bear market.
- As of now, Dogecoin (DOGE/USD) is trading at 0.059 USD
- Despite the bad news, there is a ray of optimism protruding from the face of Dogecoin followers as well as the creators as they move towards developing a new product.
Yes, Dogecoin, the same meme coin that Elon Musk popularized during the Covid-era. The coin is facing a massive hit globally, in recent times along with other cryptocurrencies.
The Cryptocurrency Bear Market
We know that currently, we are living in a bear market. The currencies which were booming, have soared down suddenly. These include famous cryptocurrencies such as Bitcoin, Ethereum, and a few stable coins such as Terra.
- Recently, the global cryptocurrency’s market cap has fallen by 2.4%, resulting in a market capitalization of 939 Billion Dollars.
- The meme coin Dogecoin(DOGE/USD) crashed around 2.9% in just a single day trading at 0.059USD as of this writing.
This crash has affected the downfall of dogecoin more than the other crypto coins. Although there are so many reasons to feel scared about the future of Dogecoin, there is an optimistic wave going on inside the market regarding Dogecoin.
Ladies and Gentlemen, Libdogcoin v0.1
The reasons why Ethereum, even after getting launched 5 years after Bitcoin, dominated Bitcoin technologically were:
- The transaction speed limit was much higher
- Eth, unlike BTC, is not just a store of value. It is a programmable blockchain on which the developers can create their dApps, commonly known as Decentralized apps.
Similarly, Dogecoin has decided to move in a similar direction. With the introduction of Libdogecoin, which is basically a dogecoin building blocks repository, developers can build their own DOGE products.
According to Michi Lumin, The release date of Libdogecoin is very near. This can be a game-changer for the currency as well as its adopters.
Will the upcoming days be in the favor of Dogecoin, or against it, only time will tell us…
Source: https://www.thecoinrepublic.com/2022/06/16/dogecoin-presenting-some-good-news-in-the-face-of-crisis/