Dogecoin Labs launched with the Dogecoin Foundation on October 21 to run MyDoge, DogeOS and the Such App. DOGE rose 4.1% the same day and hit its first serious resistance since the October 19 low, while the broader trend still points down.
DOGE rose 4.1% to $0.08236 on October 21, the day Dogecoin Labs launched with the Dogecoin Foundation as one for-profit company running MyDoge, DogeOS and the Such App payments tool. The coin reached its first serious resistance since the October 19 low. Crypto News Flash says the chart shows a market that still has to be convinced.
DOGE meets resistance at $0.0831
The rebound started at $0.07606, where a long lower wick on the 4-hour chart showed buyers absorbing the final leg of the selloff. The first Fibonacci retracement level, measured from the September 22 spike at $0.10589, sits at $0.0831. That price also stopped the October 16 bounce.
A series of falling peaks followed a death cross on October 8-9. A 4-hour close above $0.0831 would open the way to the 200-period EMA at $0.0859, while another rejection would send DOGE back toward $0.0816 and the $0.0790 higher low. A break under $0.0761 would push the downtrend into new lows for this move.
Labs combines three products
Jordan Jefferson, founder of MyDoge and DogeOS, becomes chief executive of Labs. He will run it with DogeOS co-founder Alex Lewis and Dogecoin Foundation director Tim Stebbing. MyDoge is a self-custodial wallet, and the team reports more than 500,000 users.
DogeOS runs as a separate layer that records its state back to the Dogecoin network. That layer is still early: its public testnet opened on September 30 with no mainnet date, and a single approved operator currently orders transactions.
House of Doge swaps its exclusive deal for equity
House of Doge will hand product, engineering and commercial teams to Labs in exchange for a strategic equity stake of undisclosed size. Its exclusive commercial agreement with the Foundation becomes a long-term license, and Labs becomes the Foundation's official commercial partner.
DogeOS charges its network fees in DOGE, so every transaction on the layer requires the coin. Crypto News Flash adds that the network issues roughly 5 billion new coins a year, worth about $410M at today's price, so demand from live apps has to outrun that supply.
Source: Crypto News Flash
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