By James Davis
On Saturday, Dogecoin Foundation served the Dogecoin community with interesting news as it announced the formation of a core development fund for Dogecoin development activities to improve the entire Dogecoin ecosystem.
The DOGE community received the news positively, as the token price recorded a 2% increase in about an hour. According to the foundation’s official announcement, 5 million Doge has already been transferred to the development fund’s wallet.
Dogecoin Foundation Reveals Team to Manage Development Fund
The Dogecoin Foundation Board of directors and the present core developers will manage this development fund. The team will be responsible for releasing reports on all ongoing developments and expenditures of the funds to uphold transparency.
The same team will operate the new muti-sig wallet that requires a minimum of three signatures to grant the transfer of the funds. In addition, the wallet custodians are expected to cooperate to ensure timely fund disbursement to the Dogecoin core developers to facilitate their activities.
The Dogecoin Foundation revealed the names of the custodians in its announcement. They include Marshall Hayner, a Dogecoin Foundation Board member, and Dogecoin’s core developers Michi Lumin, Ross Nicoll, and Patrick Lodder.
It’s worth noting that not a single custodian has rights to funds held in this wallet. According to a crypto-focused website, BitInforChart, the 5 million Dogecoins are currently worth $340,000.
DOGE Price Pumps and Dumps
Dogecoin’s value rose significantly when Elon Musk suggested that there would be an integration of the dog meme into the social media platform Twitter to facilitate payments. Previously, DOGE also saw a 57% increase in price immediately after Musk’s Twitter takeover.
However, the DOGE price recorded a massive drop when Musk asked the Twitter community to vote on if he should quit as the CEO of the tech firm. The majority of the votes approved his resignation from the position.
At the time of publishing, data on CoinMarketCap indicates that the dog meme is trading at $0.0703, representing a 4% price pump in the past 24 hours, and its 24-hour high and low are $ 0.0704 and $0.0668, respectively. Dogecoin’s market capitalization sits at $9.2 billion.