Top Crypto News: Dogecoin (DOGE) Foundation announces new core development fund!

In a major positive development for the Dogecoin community – the Dogecoin Foundation on the last day of 2022 announced that is has formed a new community Dogecoin core development fund. This is being done in an effort to increase Dogecoin development activity and benefit the overall Dogecoin ecosystem as whole.

Published on the official website of the Dogecoin Foundation, the CoreFund is expected to be managed by the existing core developers on the project and the Dogecoin Foundation board director signatories. It will also be accompanied by complete transparency blog posts forthcoming for all expenditures and developments on the network.

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According to the blog post:

“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.”

This 5 million worth of DOGE is stored in a new, segregated multi-signature wallet which is designed to manage the sum. This sum of 5 million DOGE will be used to disburse rewards to developers of the Dogecoin core for work on all contributions, no matter how big or small those are. Payments under this development fund will be awarded to developers in accordance with a weighted system based on the existing Dogecoin Core tip jar program.

The custodians of the wallet containing the sum of 5 million DOGE tokens for the development reward scheme include Chromatic (Dogecoin Core developer), Marshall Hayner (Dogecoin Foundation Board), Michi Lumin (Dogecoin Core developer, Dogecoin Foundation Board), Patrick Lodder (Dogecoin Core developer), and Ross Nicoll (Former Dogecoin Core developer). The blog post also mentioned that these custodians have no rights to the actual value held inside the wallet to bring about more transparency.

As of writing, according to data from BitInfoCharts, the wallet holding the DOGE tokens allocated for the Dogecoin CoreFund (with wallet ID: 9xEP9voiNLw7Y7DS87M8QRqKM43r6r5KM5) has about 5,000,193.1 DOGE currently which is worth about $350k.

However, despite the major positive development news coming in for the largest memecoin by market capitalization – it failed to produce any significant jump in the price of the token. On the 31st of December, when this announcement was made, Dogecoin price did see a slight bump up but that was quickly shed in the day after.

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DOGE/USD | Source: Tradingview