Dogecoin Labs wants to give a new dimension to DOGE. Created with the Dogecoin Foundation, the company brings together the MyDoge wallet, the DogeOS platform and Such App, dedicated to merchant payments. At its head, Jordan Jefferson intends to create a real ecosystem of applications around cryptocurrency. But between the stated ambitions and concrete uses, there is still a way to go.
In brief
- Dogecoin Labs brings together three complementary products: MyDoge, DogeOS and Such App.
- Jordan Jefferson heads this new structure, which recovers the teams and intellectual property provided by the Foundation and House of Doge.
- MyDoge claims over 500,000 users without paid acquisition, while DogeOS opened its public testnet on September 30.
Three tools to accelerate DOGE adoption
The Dogecoin community often reacts to the slightest signal from its historical figures, as shown by the enigmatic message from its co-founder in September. This time, the initiative takes a more concrete turn. On October 21, DogeOS and the Dogecoin Foundation announced the creation of Dogecoin Labswith Jordan Jefferson, founder of MyDoge and DogeOS, as CEO.
Each product occupies a specific place in this strategy. MyDoge allows the general public to manage their DOGE, DogeOS provides the necessary infrastructure for applications and Such App facilitates merchant payments. Its beta version already offers to collect payments in DOGE for goods and services, in particular thanks to invoicing and QR codes in stores.
The new organization also separates responsibilities. The Foundation continues its work towards open source and protocol development, while Dogecoin Labs focuses on commercial activities and the development of its products.
A huge community, but still few uses
Dogecoin benefits from strong awareness, significant liquidity and a large community. However, this popularity has not yet translated into an application offering that matches its audience. It is precisely this lag that Dogecoin Labs wants to reduce.
“ No other digital asset combines the liquidity, community and cultural reach of Dogecoin, and its potential has only barely been touched upon “, says Jordan Jefferson. According to him, the challenge now is to go beyond the slogan “DOGE at 1 dollar” to build an economy capable of supporting this ambition.
However, the market context remains difficult. On Wednesday, DOGE was trading around $0.08, for a capitalization of around $12.5 billion, according to CoinGecko. The price thus remained nearly 89% below its May 2021 record and fell by more than 20% over thirty days. Additionally, long-term Dogecoin holders remain mostly at a loss.
To expand the uses of DOGE, Dogecoin Labs is targeting several sectors: payments, commerce, DeFi, trading, gaming, artificial intelligence and social applications. It remains to transform this ambitious roadmap into services actually used.
Dogecoin Labs still needs to prove itself
The company already has the first technical bases. DogeOS launched its public testnet on September 30 in an Ethereum-compatible environment. For its part, MyDoge claims more than 500,000 users acquired without paid advertising and has deployed its V3 version, which directly connects the wallet to the applications.
However, these figures are not enough to demonstrate the existence of an active economy. A testnet does not guarantee the success of a network in production, any more than the number of registrants reveals their frequency of use. The announcement does not provide any figures on revenue or user loyalty.
Finally, Bitwise’s abandonment of its Dogecoin ETF launched in November is a reminder that DOGE’s notoriety does not guarantee sustainable institutional demand. Meanwhile, the Dogecoin Foundation maintains its role in supporting open source.
The real test will therefore be simple: will Dogecoin Labs be able to convert its users into active customers, convince merchants to accept DOGE and attract developers? It is on this execution capacity that the birth of a real economy around Dogecoin will depend.
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