The Dogecoin blockchain is rapidly evolving, highlighted by a recent update from top ecosystem developer Alex, known on X as MyDogeCTO. Alex announced that MyDogeWallet, the leading noncustodial wallet for Dogecoin, will soon support Doginals and DRC-20 token standards. These innovations build on Bitcoin's success with Ordinals and Inscriptions, aiming to integrate similar functionalities into the Dogecoin ecosystem.

Doginals, akin to Bitcoin's Ordinals, will bring new utilities to Dogecoin, enhancing its role beyond being a simple payment coin. The UI and testing phases for Doginals and DRC-20 are currently in progress, with a proposed release timeline set for this weekend. This update will enable native Dogecoin holders to access these new features through MyDogeWallet.

Supporting NFTs and Inscriptions on Dogecoin is a strategic move to add more utility to the ecosystem. Dogecoin has often been criticized for lacking smart contract capabilities compared to other meme coins like Shiba Inu, which has Shibarium, and Floki, with its TokenFi tokenization platform. The introduction of the DRC-20 standard will allow developers to create new applications, potentially increasing Dogecoin's demand and utility.

The impact of these updates on Dogecoin's price will depend more on retail investor activity rather than the influence of whales. Currently, Dogecoin is trading at $0.1629, down 1.29% in the past 24 hours. This decline appears to be a cooldown following recent price movements. A rebound is expected in the long term, especially if the MyDogeWallet integration of DRC-20 and Doginals is successful.