On Tiny Core 1.4.3
ldconfig -v > /dev/null
prints
ldconfig: Cannot stat /usr/lib/libpng.so: No such file or directory
The reason for this is the compiletc.tcz extension for 1.x includes the symbolic link
/usr/lib/libpng.so -> /tmp/tcloop/compiletc/usr/lib/libpng.so
which resolves to
/tmp/tcloop/compiletc/usr/lib/libpng.so -> libpng12.so
but libpng12.so does not exist in /tmp/tcloop/compiletc/usr/lib/, therefore the error.
As a workaround, I can recreate the softlink directly:
sudo ln -s -f libpng12.so /usr/lib/libpng.so