Dogecoin core developer introduces new development fund
The Dogecoin Core Development Fund was created to promote Dogecoin activity and benefit the ecosystem. The Dogecoin Foundation has already awarded 5 million DOGE to the new fund.
DOGE’s price increased by more than 4% in just two hours due to the enthusiastic response from the Dogecoin community.
Dogecoin Development Fund: What You Should Know
The Dogecoin Foundation announced the creation of the new Dogecoin Core Community Development Fund in an official statement on December 31. 5,000,000 DOGE was first transferred to the development fund by the Dogecoin Foundation.
The current core developers and signatory board members of the Dogecoin Foundation oversee development. The team will make sure that Dogecoin Core receives 5 million DOGE. The Dogecoin ecosystem will benefit greatly from the growth of Core. The team will write blog articles about all expenses and developments to maintain openness.
Dogecoin, the members of the Dogecoin Core Foundation and architects, will operate the new multi-signature wallet. Dogecoin Core developers will instantly get DOGE stored in the wallet. Three of the five secretaries must sign this document.
The guards are Chromatic, the developer of Dogecoin Core. Marshall Hainer, Member of the Board of Directors of the Dogecoin Foundation. Michi Lumin, Dogecoin Core Developer, Patrick Lodder, Dogecoin Core Developer, and Ross Nicoll (formerly Dogecoin Core Developer). Funds held in the wallet are not subject to any rights of the trustees.
The wallet address currently contains 4,999,999.90 DOGE coins worth over $342,000. In addition, Marshall Hainer has been appointed to the board by the Dogecoin Foundation to acknowledge the creation of Dogecoin, whose real-time dog recently fell ill.
Additionally, while responding to claims that the funds were to pay off a previous tip jar, Dogecoin Foundation Product Head Timothy Stebbing refuted reports that the funds were used to cover foundation costs. Instead, according to Stebbing, the money was sold to protect against an expected price drop.
The effect of advertising on the price of DOGE
Elon Musk, who claims that DOGE can handle more transactions than Bitcoin, hinted that Dogecoin’s integration with Twitter for payments has caused the price of the meme coin to shoot relatively higher in recent weeks. Once the foundation disclosed the development funds, the price of DOGE rose by 4% in just two hours.
At the time of writing, the price of DOGE is at $0.0706, up about 4% from the previous day. The lowest level in 24 hours was $0.0669.