Dogecoin gets prominent support because: Tesla CEO Elon Musk and Ethereum founder Vitalik Buterin have just joined the “Dogecoin Foundation”.
Big names in the DOGE Foundation
The joke currency Dogecoin, plagued with losses, seems to be repositioning itself and reviving the “Dogecoin Foundation”. Although it has existed since 2014, it has not really had much to do in the meantime. About seven years was radio silence. However, with Dogecoin’s surprising flight to the moon and the endorsement of big names, there is now movement in development again.
The Foundation writes:
“It is with great pleasure that we announce today the re-establishment of the Dogecoin Foundation (established in 2014), which once again focuses on supporting the Dogecoin ecosystem and community, as well as promoting the future of the Dogecoin blockchain.“
The non-profit organization was founded, according to its own statement, among other things to support Dogecoin development, to protect the “Dogecoin brand” from abuse and fraud and to develop a roadmap for the Dogecoin future. Exciting about the revival of the Foundation: The team managed to attract prominent names as consultants. Including Jared Birchall, a representative of Elon Musk and Ethereum founder Vitalik Buterin.
Now a small team is to be hired to work full-time on the Dogecoin ecosystem. Until now, the joke currency has been developed free of charge by volunteers. Of course, DOGE investors welcome the move, although the DOGE price is not really impressed by it so far: Dogecoin has risen 1.9% within the last 24 hours, around 9% in the week. Whether Vitalik Buterin’s experience can help the coin to old size?
More and more people are buying DOGE
Another positive aspect to dogecoin development is provided by Chainalysis ‘ blockchain researchers. Accordingly, new investors are turning to DOGE in a way reminiscent of the crypto bull run of late 2017. Elon Musk and online forum Reddit contributed to DOGE’s success, according to Chainalysis.
“The reaction we’re seeing is that DOGE is currently being embraced by new investors to an extent that hasn’t been seen since the bull market in late 2017.“
However, an old problem remains, the analysts warn: the uneven distribution of coins. Accordingly, a large share of all Dogecoins is still in the hands of a few investors:
“DOGE ownership is highly concentrated in a very small number of companies, which are either retail exchanges or early investors.“
You can check out Chainalysis’s entire Dogecoin analysis here – and do something about the uneven distribution of coins here:
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