2021 seems 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 startup of that organization with a “renewed focus on supporting the ecosystem, 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 contribute to the project.
They also explained that they hope to 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 enable faster integration and easier APIs for financial, social and charitable projects for those who wish to use dogecoin,” they said.
Likewise, they believe that through global adoption and use of the cryptocurrency they will achieve success. “We intend to focus on projects that will increase the acceptance of dogecoin,” they communicated.
The Dogecoin Foundation is a non-profit organization, created in 2014, which was established to provide support for the cryptocurrency through development and promotion, defend the Dogecoin trademark to prevent abuse and fraud, as well as to outline a roadmap 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 withdraw from the team of developers in 2015 claiming that “the community was toxic”, causing it to have lagged behind in terms of technical updates compared to other cryptocurrencies on the market, such as Bitcoin or Litecoin
In 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 the 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 announcements that caught the most attention is the addition of Ethereum co-creator Vitalik Buterin.
Buterin had expressed last June, during a podcast that “if dogecoin wants to somehow establish ties with Ethereum and this allows people to trade dogecoin thousands of times per second, that will be awesome,” he said.
or now part of the advisors, is Jared Birchall, who also serves as legal and financial advisor to billionaire Elon Musk.
In fact, CryptoNews reported last May that Musk has been collaborating with them since 2019
, according to a developer of the project, so his inclusion in the Foundation’s group of advisors comes as no surprise.
Funding the project
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 CryptoNews. The number of investors interested in dogecoin has increased to levels not seen since the 2017 bull market, something Musk has contributed to. The number of addresses with at least 1 DOGE increased from 3.09 million on April 1 to more than 3.7 million on June 30. Source Coin Metrics.
In that regard, they indicated that the Foundation has an updated budget and, in fact, some investors have let them know that they are interested in contributing financially to the project. “Our goal is to form a group of annual sponsors that can cover the Foundation’s activities and a modest development team,” the statement said.
The budget they have set at the Foundation is for three years, with the goal of hiring full-time staff without posing a problem for the job security of the workers.
They reported that many people have been working on the project non-stop while holding other full-time jobs and that has caused them to burn out. “Talented new 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 said in the text.
July, a good month for dogecoin
Such has been the momentum the meme cryptocurrency has picked up, that between the months between last April and June, with a bear market and bitcoin (BTC) dropping nearly 40% in that period, DOGE appreciated nearly 400%
, despite the overall drop in May.
With that performance, DOGE was the top-performing coin of the quarter – at least among large market cap coins – as shown by Coin Metrics.