Dogecoin Foundation Pushes for Ecosystem Development, Promotion with New Fund

A DOGE development fund has been set up by the Dogecoin Foundation, in order to accelerate the development and promotion of the meme-coin ecosystem on a wider level. The fund is comprised of five million DOGE tokens. At the time of writing, the cost of each DOGE token stood at $0.071 (roughly Rs. 5.90), bringing the total price of the new fund to $360,045 (roughly Rs. 30 lakh). The capital will be used to incentivise those who are programming the future of the meme-coin and will later contribute to its promotion in the market.

The Dogecoin Foundation is the non-profit organisation that was established in 2014 by the creators of the memecoin Billy Markus and Jackson Palmer.

As part of the newly set-up fund, the five million DOGE tokens have been transferred to a new multi-signature crypto wallet, that will need three out of five signatures from the handling members of this wallet.

These members include — chromatic (Dogecoin Core developer), Marshall Hayner, Patrick Lodder, Michi Lumin, and Ross Nicoll.

“With every major or minor release of Dogecoin Core, 500,000 DOGE shall be distributed among all contributors credited in the release notes since the previous major or minor release, exclusively. All distributions shall be publicly announced and distributed widely across social media channels to the best of the abilities of the custodians,” the Dogecoin Foundation said in an official post.

Supported by Twitter and Tesla CEO Elon Musk, the Dogecoin was launched as a joke project in December 2013 by Markus and Palmer.

Currently, over 132 billion DOGE tokens are in circulation. The token has a current market cap of $9.5 billion (roughly Rs. 79,060 crore), as per CoinMarketCap.

Despite its lacklustre performance in the market over the years, many perceive Dogecoin as the next big thing that could sparkle-up the crypto market.

In India, for instance, Dogecoin emerged as one of the most favourite cryptocurrencies for Indian investors. For a short time in October 2022, the trading of Dogecoin on WazirX swelled by 3000 percent.

“We are happy to announce the institution of a new community Dogecoin Core development fund, managed by existing core developers and Dogecoin Foundation board director signatories with the intent that this will be allocated to Dogecoin Core, the development of which is critical and to the benefit of the Dogecoin ecosystem,” the official post by the Dogecoin Foundation added.