• The new role of Ethereum co-founder could have this effect on Dogecoin

  • The reasons for Dogecoin’s exponential growth were numerous, but DOGE’s utility and development activity were rarely among them.

    After being largely dormant in terms of development in the past, the network is now poised to be revitalized. The Dogecoin Foundation announced on Tuesday that it is re-establishing itself, with Ethereum co-founder Vitalik Buterin serving as its “blockchain and crypto adviser.”

    The goal of this regrouping, according to the statement, is to increase focus on supporting the “Dogecoin Ecosystem, Community, and promoting the future of the Dogecoin Blockchain.” Furthermore, new projects on the DOGE blockchain will be announced in the coming weeks.

    These will be aimed at supplementing its core wallet in order to allow for faster integration and simpler APIs (application programming interfaces) for financial, social, and charitable projects that wish to use Dogecoin.

    The foundation also stated that its goal is not to take over the community’s core wallet. Instead, the goal is to increase support for the chain’s core and future developers through upcoming sponsorships.

    But what about the altcoin’s name and logo?

    “The Foundation owns the Dogecoin trademark and the Dogecoin logo and will keep them for the community’s benefit. This means that the Foundation will be able to continue to protect the Dogecoin Brand while also allowing (under a very liberal license) the ability to use it for Dogecoin-related memes, projects, and fun. — We have your back on this one.”

    Billy Markus, co-founder of Dogecoin, and Max Keller, core developer of Dogecoin, will also join the Foundation’s advisory board. Furthermore, Neuralink CEO Jared Birchall is said to be representing Tesla CEO Elon Musk’s interests.

    Explanation of the Hype

    Musk, the self-proclaimed “Dogefather,” is responsible for much of the hype surrounding this joke coin. Indeed, many of his DOGE tweets have been followed by massive price increases.

    The most recent rally, which saw DOGE gain 52.8 percent, was also aided in part by Shark Tank star Mark Cuban promoting it on CNBC with help from Musk. He referred to it as the “best medium of exchange” before tweeting,

    Many analysts have recently discussed the possibility of the meme-coin reaching $1 due to increased on-chain activity and buying pressure. The cryptocurrency may be here to stay as a result of the aforementioned developments and the alt’s sustained price rally.

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