Dogecoin (DOGE) holders have called for a $1 price for years. Now a new company says it will build the economy that goal would need.
Dogecoin Labs launched on October 21 in partnership with the Dogecoin Foundation. It brings the MyDoge wallet, the DogeOS app layer, and the Such App payments tool under CEO Jordan Jefferson.
Three Dogecoin Products Move Into One Company
Under the agreement, the nonprofit Foundation keeps its role in open-source development, advocacy, and community work.
Nasdaq-listed House of Doge (HODO) will move parts of its product, engineering, and commercial operations into Labs. In return, it takes an equity stake of undisclosed size, according to the announcement.
House of Doge is also giving up its exclusive Foundation partnership for a long-term license. That license lets it keep working with 21Shares on Dogecoin exchange-traded products.
The three products sit at different stages. MyDoge passed 500,000 users without paid acquisition. DogeOS opened its public testnet on September 30, and Such App remains in beta.
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A $1 Target Meets a Nearly 8-Cent Dogecoin Price
Jefferson explained why Labs brought the three products together in the launch announcement. He tied the combined effort back to the community’s price goal.
“With DogeOS, developers can finally build applications on Dogecoin, and with MyDoge, they can put those apps in front of users from day one. The community has been saying ‘DOGE to $1’ for years. Our focus is to build the economy that ambition calls for,” he said.
So far this year, the price has moved away from that goal. DOGE traded at $0.0799 at press time, according to BeInCrypto Markets data.
The price has fallen 21.43% over the past month. Since January 1, DOGE has lost 36.8% of its value. From current levels, a move to $1 would require a gain of about 1,150%.
Demand from exchange-traded funds (ETFs) has also turned. US spot Dogecoin ETFs posted $538,029 in net outflows from October 1 to 13, according to SoSoValue data.
The outflows follow September, when the funds drew $3.16 million. That was their largest monthly inflow since January, and it included a record weekly haul of $2.89 million, BeInCrypto reported.
On-chain data from Santiment shows that recent DOGE buyers now sit at a loss. The firm said the token’s 365-day Market Value to Realized Value (MVRV) ratio stands near 0.74.
A reading below 1 means recent holders are underwater on average. Santiment described the level as a historically lower-risk opportunity zone.
The next signals will come from two directions. SoSoValue’s weekly data will show whether ETF buyers return after October’s outflows.
Meanwhile, Labs plans to link Such App’s merchant tools with DogeOS, which remains in its public testnet. The company said the three products together lay the groundwork for DOGE payments at scale.
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The post Dogecoin Labs Wants to Build the Economy Behind the Meme Coin’s $1 Rallying Cry appeared first on BeInCrypto.
