Dogecoin has been pushed out of the top 10 cryptocurrencies by market capitalization by Polkadot.

Currently, DOGE is the 11th largest cryptocurrency with a market value of $9.11 billion after ceding 10th place to Polkadot, which currently has a market value of $9.37 billion.

During the week, Japanese cryptocurrency exchange Bitbank added support for both Dogecoin (DOGE) and Polkadot (DOT).

The price of Dogecoin has largely remained flat despite a flur of positive news for the week highlighted by a new release, exchange listing, and fresh backing from Tesla CEO Elon Musk .

New release

Recently, the Dogecoin Foundation announced the launch of LIBDOGECOIN to help DOGE be accepted on multiple platforms. In addition to increasing the likelihood of DOGE, this new development could also have some effect on its price action in the coming months.

After a few weeks of releasing Dogecoin Core version 1.14.6, core developer Michi Lumin announced LIBDOGECOIN. According to him, LIBDOGECOIN is a C library of Dogecoin building blocks, allowing less technically savvy users to develop Dogecoin compliant products with ease.

Also, another notable feature of LIBDOGECOIN is that it supports multiple languages ​​including Python, Ruby, and Node.js. This development adds value to the Dogecoin blockhain as it will significantly help in demonstrating DOGE’s untapped potential.

Major updates on the blockchain are often followed by a change in the coin’s price action. For example, in November 2021, version 1.14.5 of Dogecoin Core was released, bringing important bug fixes and security tweaks to the network. The DOGE price rose immediately and reached $0.2822. However, the momentum could not be sustained for long.

When LIBDOGECOIN added some upgrades and features to the blockchain, it also had a positive impact on the value of the memecoin but the price reversed shortly after, similar to November 2021.

Source: TradingView

As one of Elon Musk’s favorite cryptocurrencies, the entrepreneur also has the potential to trigger a soaring DOGE price, as history proves.

Recently, in a YouTube podcast, Musk stated:

“Honestly, I mostly support Doge. I think it’s really weird that even though Doge is just designed to sound like a ridiculous joke, DOGE’s actual total transaction throughput is much higher than that of Bitcoin.”

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