Dogecoin Core Developer Introduces New Development Fund

The Dogecoin Core Development Fund has been established to promote Dogecoin activity and benefit the ecosystem. The Dogecoin Foundation has already provided 5 million DOGE to the new fund.

Due to the enthusiastic response from the Dogecoin community, the price of DOGE increased by more than 4% in just two hours.

Dogecoin Core Developer Introduces New Development Fund - 1
DOGE/USD Daily Chart. Source: Coinmarketcap

Dogecoin’s Development Fund: What You Need to Know

The Dogecoin Foundation announced the creation of the new community Dogecoin Core Development Fund in an official Statement On 31 December. 5,000,000 DOGE was first transferred by the Dogecoin Foundation to the development fund.

Existing core developers and signatory board members of the Dogecoin Foundation oversee development. The team will ensure that Dogecoin Core receives 5 million DOGE. The development of Core will greatly benefit the Dogecoin ecosystem. The team will write blog articles on all expenses and developments to maintain openness.

Dogecoin, Foundation members and Dogecoin core engineers, will run the new multi-signature wallet. Dogecoin Core developers will immediately receive DOGE stored in the wallet. Three out of five patrons must sign this document.

The custodian is Chromatic, the developer of Dogecoin Core. Marshall Heiner, a member of the Dogecoin Foundation board. Michie Lumin, a developer of Dogecoin Core, Patrick Loder, a developer of Dogecoin Core, and Ross Nicol (former Dogecoin Core developer). The money kept in the wallet is not subject to any rights of the custodian.

The wallet address currently holds 4,999,999.90 DOGE coins worth over $342,000. In addition, Marshall Heiner has been named to the board of directors by the Dogecoin Foundation in recognition of the creation of Dogecoin, whose real-time dog was also recently fell ill,

Additionally, responding to claims that the funds were meant to repay an earlier tip jar, Timothy Stebbing, Dogecoin Foundation Product Lead, denied reports that the cash was used to fund foundation costs. Instead, according to Stebbing, the money was sold to physically protect against an anticipated decline in value.

Effect of the announcement on the DOGE price

Elon Musk, who Claimed DOGE can handle more transactions than bitcoin, hinted that the price of meme coin has risen comparatively higher in recent weeks due to Dogecoin’s integration with Twitter for payments. The price of DOGE increased by 4% in just two hours as soon as the foundation revealed the development money.

At the time of writing, DOGE is trading at $0.0706, up almost 4% from the previous day. The 24-hour low was $0.0669.

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