Dogecoin Labs launches with ambition to support community's $1 goal

Dogecoin Labs launched on October 21 through a partnership with the Dogecoin Foundation. The company combines the MyDoge wallet, DogeOS application layer and Such App payments tool under CEO Jordan Jefferson. Jefferson said the company aims to develop the economy needed to support the community's longstanding ambition for DOGE to reach $1.

The agreement leaves the nonprofit Dogecoin Foundation responsible for open-source development, advocacy and community activities. According to the announcement, Nasdaq-listed House of Doge (HODO) will transfer portions of its product, engineering and commercial operations to Dogecoin Labs. The announcement said House of Doge will receive an equity stake whose size was not disclosed. House of Doge is also exchanging its exclusive partnership with the Foundation for a long-term license. The license allows House of Doge to continue collaborating with 21Shares on Dogecoin exchange-traded products.

MyDoge has exceeded 500,000 users without paying to acquire users. DogeOS launched its public testnet on September 30. Such App is still in beta. Jefferson said developers can use DogeOS to create Dogecoin applications and MyDoge to reach users immediately. Dogecoin Labs plans to connect Such App's merchant tools with DogeOS, which remains in public testnet. The company said the combined products provide a foundation for large-scale DOGE payments.

BeInCrypto Markets data put DOGE at $0.0799 at publication. DOGE has declined 21.43% over the past month. DOGE has fallen 36.8% since January 1. Reaching $1 from the current price would require an increase of about 1,150%.

SoSoValue data showed that US spot Dogecoin exchange-traded funds recorded net outflows of $538,029 between October 1 and October 13. The funds attracted $3.16 million in September, the highest monthly inflow since January. September's total included a record weekly inflow of $2.89 million. SoSoValue's weekly figures will indicate whether ETF buyers return following October's outflows.

Santiment's on-chain data showed that recent DOGE buyers are holding losses. Santiment put DOGE's 365-day Market Value to Realized Value (MVRV) ratio at approximately 0.74. A ratio below 1 indicates that recent holders have losses on average. Santiment characterized the reading as an opportunity zone associated historically with lower risk.