Dogecoin Foundation on Saturday announces exciting news for the Dogecoin community. The foundation has formed a new community Dogecoin Core development fund to increase Dogecoin development activity and benefit the overall Dogecoin ecosystem. The Dogecoin community reacted positively and saw the DOGE price rally over 2% in just an hour.
Dogecoin Core Development Fund
In an official announcement on December 31, the Dogecoin Foundation revealed the establishment of a new community Dogecoin Core development fund. The Dogecoin Foundation initially moved 5,000,000 DOGE to the development fund.
The development is managed by existing core developers and Dogecoin Foundation board director signatories. The team will ensure that 5 million DOGE will be allocated to Dogecoin Core. The development of the Core is critical and to the benefit of the Dogecoin ecosystem. In an effort to maintain transparency, the team will publish blog posts on all expenditures and developments.
The new multi-signature wallet will be operated by Dogecoin Core developers and members of the Dogecoin Foundation. The DOGE held in the wallet will be disbursed efficiently to developers of Dogecoin Core. This requires three out of five signatures from custodians.
The custodians 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 custodians don’t have any rights to the money held in the wallet.
The wallet address currently holds 4,999,999.90 DOGE tokens worth nearly $342K, as per BitInfoCharts.
Moreover, the Dogecoin Foundation has added Marshall Hayner to the board of directors for his contribution to Dogecoin development.
“His consistent commitment to the Dogecoin community and the development of Dogecoin has inspired many. Marshall brings executive and technical leadership experience to the Dogecoin Foundation and has been instrumental in creating this Core development fund.”
Also Read: Crypto Analysts Predict Bitcoin Price For 2023 As BTC Breaks Key Level
DOGE Price Jumps
Dogecoin price has relatively moved higher in recent weeks as Elon Musk hinted at Dogecoin integration into Twitter for payments. The DOGE price jumped 2% in just an hour as the Foundation revealed the development fund.
At the time of writing, DOGE price is trading at $0.0702, up nearly 4% in the last 24 hours. The 24-hour low and high are $0.0669 and $0.0703, respectively.
Also Read: Shiba Inu Coin: SHIB Burn Jumps 13,198% In 24Hrs, Is It Shibarium Related?