Dogecoin (DOGE) Foundation Raises $5M DOGE Core Fund – Here’s What’s Next

DOGE starts the New Year with a bang as one of crypto’s largest communities gets $5M for building motivation.

Dogecoin (DOGE) Foundation Raises $5M DOGE Core Fund - Here’s What’s Next

Dogecoin Foundation, the non-profit organization behind the top dog memecoin and the largest Proof Of Work (PoW) blockchain, announced a five million fund for core developers to carry out their projects. The new wallet dedicated to motivating builders has five keyholders, including core developers Michi Lumin, Patrick Lodder, Marshall Hayner, Ross Nicoll, and Chromatic. All five are also members of the Dogecoin Foundation Advisory Board.

According to the official statement, the new multi-signature wallet by Dogecoin Foundation “will disburse rewards to developers of Dogecoin Core for work on all contributions, no matter how big or small.” At press time, 5,000,000 Dogecoins (DOGE) convert to $359,740.

What’s Next for DOGE?

The development comes just a week after Doge Whisperer, one of the leading developers behind DOGE, released the highly-anticipated DOGE Tipping Jar. With the new extension, every website owner can add a Dogecoin Tip Jar in a few simple steps.

Sponsored

Meanwhile, the developers are working on an official Layer-2 solution for DOGE. The scaling solution is being developed in partnership with BluePepper and is set for an early to mid-2023 release.

As if that wasn’t enough, a new version of the self-custodial MyDoge Wallet was recently launched after trust in CeFi exchanges hit an all-time low. Finally, with the latest Dogecoin node upgrade, Doge Designer, a prominent member of the DOGE Army, suggests that crypto enthusiasts should immediately upgrade to v.1.14.16 for improved network efficiency.

At press time, the leading memecoin is changing hands at $0.071844, according to CoinGecko. The #8 ranked cryptocurrency fetched 1.6% gains in the last 24 hours.

Sponsored

On the other hand, the monthly perspective looks way worse for DOGE, with 31% in the red. On top of that, the canine coin has lost 57.7% of its market value since early 2022. However, the DOGE Army keeps building, as many crypto enthusiasts see DOGE improving in adoption cases, even though the market price is still just a fraction of DOGE’s all-time high.

On the Flipside

  • After the announcement by Dogecoin Foundation, some members spotted incorrect info. Shortly after, DOGE advisor Misha Boar revised the message to match the agreed-upon policy.

Why You Should Care

The leading memecoin Dogecoin (DOGE) is also the largest Proof-of-Work (PoW) blockchain, only trailing behind the top digital asset Bitcoin (BTC).

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.