2021 appears to be the year of the rise of the meme-based cryptocurrency, dogecoin (DOGE) with the revival of the Dogecoin Foundation.
Through a statement published on its website, the Foundation announced the start of that organization with a “renewed focus on supporting the ecosystem, the community and promoting the future of the Dogecoin blockchain.”
The idea of the Foundation is “to accelerate the development of the cryptocurrency with the support of developers who will work full time”, as well as with sponsors and new collaborators who can make their contribution to the project.
They also explained that they expect expand the Dogecoin ecosystem. They also reported that, in the coming weeks, they will unveil new projects that “will complement the current Core Wallet to allow faster integration and easier APIs for financial, social and charitable projects for those who wish to use dogecoin,” they indicated.
Likewise, they consider that through the adoption and global use of cryptocurrency will reach the success. “We intend to focus on projects that increase acceptance of dogecoin,” they communicated.
The Dogecoin Foundation is a non-profit organization, created in 2014, that was established to provide support for cryptocurrency through development and promotion, uphold the Dogecoin trademark to prevent abuse and fraud, as well as to draw a sheet of path and governance for the future of Dogecoin.
Lethargy of the Dogecoin Foundation and the project
The Dogecoin Foundation lost steam when Jackson Palmer, the creator of Dogecoin, decided to retire from the developer team in 2015 claiming that “the community was toxic”, causing it to lag behind in terms of technical updates compared to other cryptocurrencies on the market. , such as Bitcoin or Litecoin
At the time, Billy Markus, the other head behind the project, also distanced himself from the project, leaving the cryptocurrency adrift.
Six years later, the Foundation is reactivated with the appointment of a new board of directors, composed of Gary Lachance, Jens Wiechers, Michi Lumin, Ross Nicoll and Timothy Stebbing.
Markus takes on the role of Community and Meme Advisor and Max Keller as Dogecoin Core Developer and Technical Advisor.
Luxury Advisors for the Dogecoin Foundation
One of the ads that attracted the most attention is the incorporation of Ethereum co-creator Vitalik Buterin.
Buterin had expressed in a podcast last June that “if dogecoin somehow wants to link with Ethereum and this allows people to trade dogecoin thousands of times per second, that will be incredible,” he said.
Another who is now part of the advisors is Jared Birchall, who also serves as legal and financial advisor to billionaire Elon Musk.
In fact, CriptoNoticias reported last May that Musk has been collaborating with them since 2019, according to a project developer, so his inclusion in the Foundation’s advisory group is not surprising.
In the document, they also acknowledge that the project has grown more than many organizations with thousands of employees, being a financial product valued at USD 39 billion, according to CoinMarketCap.
Part of the growth could be evidenced in the recent Chainalysis report, reviewed by CriptoNoticias. The number of investors interested in dogecoin has increased at levels not seen since the 2017 bull market, something Musk has contributed to.
In that sense, they indicated that the Foundation has an updated budget and, in fact, some investors have let them know that they are interested in contributing economically to the project. “Our goal is to form a group of annual sponsors who can cover the Foundation’s activities and a modest development team,” the statement said.
The budget they have established in the Foundation is for three years, with the aim of hiring full-time staff without representing a problem for the workers’ job security.
As reported, many people have been working on the project non-stop, while having other full-time jobs and that has caused them to burn out. “New talented people come to the project hoping to help and there is no one to welcome them or help them find a way to contribute and they leave frustrated,” they stated in the text.
July, a good month for dogecoin
Such has been the momentum that the meme cryptocurrency has taken, that between the months of April and last June, with a bear market and a bitcoin (BTC) falling about 40% in that period, DOGE appreciated about 400%, despite the general drop in May.
With that performance, DOGE was the most prominent currency of the quarter – at least among the large market capitalization ones – as the firm Coin Metrics showed.