The Dogecoin Foundation has formed a new company, Dogecoin Labs, to consolidate the project's products, intellectual property and development teams, according to Decrypt. The outlet reports the entity will hold and run a trio of core products: the MyDoge wallet, the DogeOS app platform, and the Such App merchant-payments tool.
Jordan Jefferson, founder of MyDoge and DogeOS, will serve as CEO of Dogecoin Labs, Decrypt said. The report notes MyDoge has grown past 500,000 users without paid acquisition and recently rolled out a V3 update linking the wallet to outside applications. Decrypt states the products are meant to tie together wallets, developer tools and merchant payment rails, though the outlet does not specify whether all three offerings have fully launched or remain in development.
On the token side, Decrypt reported DOGE traded around $0.084 on Tuesday, up 3.9% on the day, for a market capitalization of roughly $13 billion. The outlet said the token was down about 14% over the past month and off roughly 88% from its record set in May 2021. Decrypt did not disclose financial details or funding for Dogecoin Labs, nor a specific timeline for further product rollouts beyond the three named offerings.
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News, not financial advice. Memecoins carry substantial risk. Market snapshots can change quickly. This story was produced by the Block FOMO desk with AI assistance and checked against its sources. Editorial policy.