A DOGE development fund has been set up by the Dogecoin Foundation to accelerate the development and promotion of the meme coin ecosystem more broadly. The fund consists of five million DOGE tokens. At the time of writing, the cost of each DOGE token is $0.071 (roughly Rs. 5.90), bringing the total price of the new fund to $360,045 (roughly Rs. 30,000). The funds will be used to incentivize those programming the future of meme coin and will later help promote it in the market.
That Dogecoin Foundation is the non-profit organization founded in 2014 by memecoin creators Billy Markus and Jackson Palmer.
As part of the newly launched fund, the five million DOGE tokens were transferred to a new multi-signature crypto walletwhich require three out of five signatures from the treating members of that wallet.
These members include — chromatic (Dogecoin Core developers), Marshall Hayner, Patrick Lodder, Michi Lumin, and Ross Nicoll.
“With each major or minor release of Dogecoin Core, 500,000 DOGE will be distributed exclusively among all contributors named in the release notes since the previous major or minor release. All distributions will be publicly announced and distributed via social media channels to the best of the knowledge and belief of the custodians,” the Dogecoin Foundation said in one official post.
Supported by Twitter and Tesla CEO Elon Muskthe Dogecoin was created as a joke project in December 2013 by Markus and Palmer.
There are currently over 132 billion DOGE tokens in circulation. The token has a current market capitalization of $9.5 billion (approximately Rs. 79,060 crore). CoinMarketCap.
Despite its lackluster performance in the market over the years, many see Dogecoin as the next big thing that could make the crypto market shine.
In India, for example, Dogecoin has become one of the most popular cryptocurrencies for Indian investors. For a short time in October 2022 trading of Dogecoin on WazirX swollen by 3000 percent.
“We are pleased to announce the establishment of a new Dogecoin Core community development fund, managed by existing Core developers and Dogecoin Foundation board signatories, with the intent that this be allocated to Dogecoin Core whose development is critical Importance and benefit of the Dogecoin ecosystem,” added the official Dogecoin Foundation post.
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