Dogecoin Hits 3-Year Lows as DogeOS Says DeFi Launch Is ‘Very, Very Close’

Dogecoin (DOGE) experienced a significant drop to its lowest level in three years on Thursday, according to The Block. Despite this decline, the DogeOS CEO, Jordan Jefferson, expressed optimism about the project's upcoming DeFi launch, stating that it is "very, very close" to going live. Jefferson confirmed that development on DogeOS version one has been completed, and audits have been finalized, with the team now focusing on mainnet deployment.

However, no specific launch date has been announced. DogeOS aims to create an EVM-compatible app layer for Dogecoin, offering more utility to DOGE holders beyond payments and tipping. Early use cases for this infrastructure are expected to include games and other earning mechanisms, positioning DeFi as a means to elevate DOGE's value proposition.

Beyond the launch, DogeOS has attracted over 100 builders, with wallet and exchange integrations currently a priority. This initiative follows the recent establishment of Dogecoin Labs, which unites developers from DogeOS, the Dogecoin Foundation, and House of Doge. The latter aims to fund core developers instead of relying on continuous donations.

Notably, despite the price decline, Dogecoin whales purchased an additional 1.8 billion DOGE, amounting to approximately $122 million. However, DOGE has broken below its long-term support near $0.0694, which was last seen in October 2023. This break has pushed DOGE down around 15% in the past week, 21% over the past month, and 44.5% year to date.

DOGE was down 3% on Thursday, trading below $0.0645 and failing to clear critical technical levels such as the four declining EMAs and the 20-day Exponential Moving Average.