• July 24, 2024

Crypto News: The Dogecoin Foundation is Back!

 Crypto News: The Dogecoin Foundation is Back!

Dogecoin is the ultimate memecoin. Back in 2014, they raised money to send the Jamaican Bobsled Team to the Sochi Olympics.

Jamaica isn’t typically a strong contender in winter sports, so Dogecoin gave them a shot and sealed its own fate as the ultimate memecoin.Doge has had a mixed year in the markets rising from under a penny to $0.73 (it’s currently trading around $0.33). So its history as a meme is both a blessing and a curse. It’s gotten great traction with the public, but software engineers, and especially crypto-currency developers, mostly laugh at it. I laughed when Elon Musk tweetedWorking with Doge devs to improve system transaction efficiency. Potentially promising.

— Elon Musk (@elonmusk) May 13, 2021

I laughed because there aren’t any “Doge devs”. Here’s a recent chart of development activity on Doge compared to Bitcoin:

You can practically see the tumbleweeds blowing by in the Dogecoin development world, so I saw Elon’s tweet as trolling Dogecoiners.Turns out, he was trolling me, because earlier this week Coindesk reported that the Dogecoin Foundation was coming backApparently, the head of Elon’s family office, Jared Birchall and none other than Etherum founder Vitalik Buterin, will be serving on the board of the Foundation. One of their goals is to raise money to fund development on Dogecoin. That’s critically important since Dogecoin is a few years out of date, lacking features like SegWit (Segregated Witness). Work is being done to update Dogecoin, but this move promises to bring more software engineers on board.

This is not financial advice either for or against investing in Dogecoin. Do your own research and, maybe, consult a financial advisor.

Source: The Gateway Pundit

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