The Dogecoin team has introduced the Cardinals Index Node update, which should enhance the decentralization, speed, and indexing of data on the DOGE blockchain.
Thanks to this update, any user will be able to run a node to maintain and check the registry on the network, which contributes to the creation of a more distributed network architecture. Cardinals will also add features similar to smart contracts to the main Dogecoin network, without using EVMs or second-tier systems. This suggests that the developers are trying to expand the capabilities of DOGE, turning it into something more than just a token meme.
Unsurprisingly, hype and bullish forecasts began to appear before the official launch of the update. Even before the Cardinals announcement, analysts had already predicted a rise in DOGE to $0.36 in the event of a breakout of key resistance levels. There were also more ambitious forecasts that Dogecoin could grow by 3,700% and reach almost $12 by the end of 2025.
One cryptanalyst noted that the token has already made a bullish crossing on the MACD. This is short for "moving average convergence/divergence", a popular tool used by traders to analyze price charts. The last time this happened, the price of memcoin increased by more than 550%. If history repeats itself, thanks to this update, Dogecoin could reach the $1.54 mark.