Dogecoin Foundation Launches New Development Fund Comprising Of 5M DOGE

Lavina Daryanani
Source: Business Insider India

The Dogecoin Foundation officially announced the establishment of a new community development fund to cater to all expenditures and developments pertaining to the network.

The foundation has moved millions of DOGE to a segregated multi-signature wallet designed to transparently manage the funds. The DOGE held in this wallet will pay out rewards to developers of Dogecoin Core for their contributions, no matter how big or small.

The new multi-signature wallet will explicitly be operated by Dogecoin Core developers and members of the Foundation. Furthermore, with respect to the exact amount dedicated, the announcement revealed,

“The Dogecoin Foundation has taken the step of moving 5,000,000 Dogecoin to the development fund, with the intent that this will be allocated to Dogecoin Core, the development of which is critical and to the benefit of the Dogecoin ecosystem.”

Markedly, the price of the asset reacted to the latest announcement. At press time, Dogecoin was trading at $0.069, up by 2.4% on the daily.

Also Read: Did Shiba Inu, Dogecoin Perform Better Than Tesla in 2022?

Per data from ITB, the number of Github commits, stars, and open issues have been rising on the macro frame. As such, commits refer to the changes made to the code of the ecosystem by developers. Identically, stars and issues gauge the interest and engagement shown by the community. The slow yet steady inclination on these fronts point to the fact that the developers have been trying to refine the ecosystem.

Now, with the launch of the new fund to incentivize developers and contributors, more updates and upgrades can be expected going forward.

Source: ITB

Also Read: After Ethereum’s PoS Switch, How Many PoW Coins Are Still Relevant?

Other Feathers In Dogecoin’s Hat

Dogecoin has already carved out a niche for itself in the space. With a market cap of $9.26 billion, DOGE is the largest meme-coin at the moment. Additionally, it is also the second largest PoW network and currently stands next to Bitcoin.

Furthermore, it seems like DOGE is trying to be more than just a meme coin. A recent report by CryptoManiaks pointed out that Turkey nabbed the first place for most searches related to Dogecoin. With 812,000 monthly searches, DOGE seemed to be a favorite among the citizens of Turkey. Also, with the Turkish Lira growing weaker by the day, the said crypto could perhaps emerge as the country’s medium to financial security.

Read More: Is Dogecoin more than a meme crypto to Turkey?