Dogecoin Core Developers, Co-Founder Revive Efforts To Establish Organization Supporting Meme Coin's Development

Jul 28, 2021 0 comments


Core Dogecoin (CRYPTO: DOGE) developers and Billy Markus, the co-founder of the meme cryptocurrency, are reviving efforts to create an organization aimed at supporting Dogecoin’s development.

The move was announced by Jens Wiechers, a data scientist and early Dogecoin backer, in a series of tweets on Monday.

Markus noted that Wiechers, who has been fighting to contest the “unlawful Dogecoin trademarks,” will lead the second version of the foundation.

Wiechers said that after he was contacted by Dogecoin core developers Ross Nicoll, Michi Lumin and ome others, a small group was created from among core Dogecoin developers, contributors, community godfathers, and experts to move ahead with the plan.

The aim is to establish a Dogecoin Foundation is to help make development of the meme cryptocurrency “more sustainable, forward-looking and stable,” according to Wiechers. He expects to make further announcements in the next two weeks.

Dogecoin is based on the popular “Doge” Internet meme and emerged in 2013 as a parody of the frenzy surrounding some of the digital assets.

The meme cryptocurrency has come a long way from its obscure beginning to grab the mainstream spotlight this year, in major part due to endorsement from Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk.

The Shiba Inu-themed cryptocurrency is currently the eighth-largest cryptocurrency by market cap, as per CoinMarketCap data. However, the altcoin is down 73.2% from its all-time high of $0.7376 reached in May.

The Dogecoin Foundation was initially created some years ago as an intermediary to vet charities supported by the Doge community. However, the sharp rise in the popularity of Dogecoin this year and the need to defend the altcoin's IP rights has led to revival of efforts to create a Dogecoin Foundation.

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