Dogecoin
Dogecoin Labs Forms to Consolidate Products and Develop Network Ecosystem
A new entity formed in partnership with the Dogecoin Foundation will unite several core applications to expand commercial use cases for the token.
Dogecoin Labs launched on October 21 in partnership with the Dogecoin Foundation to build an application-driven economy around the meme coin. Led by CEO Jordan Jefferson, the new entity unites three existing tools: the MyDoge wallet, the DogeOS application layer, and the Such App payment service.
Under the arrangement, the non-profit Dogecoin Foundation retains responsibility for open-source development, advocacy, and community initiatives. Meanwhile, Nasdaq-listed House of Doge (HODO) is transferring elements of its engineering, product, and commercial operations to Dogecoin Labs in exchange for an undisclosed equity stake. House of Doge relinquished its exclusive foundation partnership for a long-term license, allowing it to continue collaborating with 21Shares on Dogecoin exchange-traded products.
The consolidated products are at varying stages of maturity: MyDoge has surpassed 500,000 users, DogeOS launched its public testnet on September 30, and Such App is currently in beta. The development push comes as DOGE traded around $0.0799, down 21.43% over the past month and 36.8% since the start of the year, alongside $538,029 in net outflows from US spot Dogecoin ETFs recorded between October 1 and October 13.
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