The Dogecoin (DOGE) Foundation Announces Reinstatement and Official Advisory Board
Ever since it was created, Dogecoin has never particularly fit any purpose. However, a new initiative from its developers suggests a change in that narrative
Earlier this week, the Dogecoin Foundation announced that it had been officially reinstated. In a press release, the Foundation confirmed that this reinstatement will help it to support the DOGE community and build the crypto’s future.
Getting Back to Work
Officially launched in 2014, the Dogecoin Foundation is a non-profit organization that supports Dogecoin’s growth. The group primarily focuses on advocacy, trademark protection, and governance. It had been active for a bit, but the exit of several key members eventually left it dormant. Thus began the story of Dogecoin and its status as a meme currency.
Per the announcement, the primary reason for the Foundation’s reinstatement is to boost DOGE’s adoption and utility. The Foundation promised to launch new projects geared towards increasing the meme coin’s grassroots appeal.
Amongst other things, the projects will complement the current Dogecoin Core Wallet and make it easier to integrate the asset’s API. This way, companies and projects across spaces like finance, charity, and social that would like to accept Dogecoin payments would find it much easy to integrate.
The Foundation’s advisory board already has several notable members, including Ethereum (ETH) co-founder Vitalik Buterin, Dogecoin co-founder Billy Markus, and Dogecoin core developer Max Keller. It will also feature Jared Birchall, the chief executive of neurotechnology company Neuralink Corporation.
Neuralink is one of the many companies founded by Tesla CEO and prominent Dogecoin hype man Elon Musk. Birchall will be on the Foundation to represent Musk’s interests.
Besides these members, the Foundation has also said that it will be creating a three-year operational budget as it looks to expand and recruit more people.
Payments et al.
The Foundation’s reinstatement should provide some direction for Dogecoin – a currency that has so far survived off memes and a strong community. Meme coins are all the rage, especially considering how quickly their values can spike. However, a coin without utility will only last for so long.
Dogecoin already amassed arguably the strongest community of believers in the crypto space. If it can create a set of specific use cases and grow in adoption, the coin should be able to see its price jump even higher and provide value to investors.
There have been several moves that sought to identify Dogecoin’s potential as a medium of exchange. Earlier this year, Musk himself ran a Twitter poll, where he sought the view of his online community on Tesla’s possible integration of Dogecoin payments for their sedans. This came after the company paused Bitcoin (BTC) payments over the crypto’s environmental concerns.
Also, Scott Paul, founder of Utah-based marketing agency Wooly, offered his home up for sale earlier this month and even gave a 10 percent discount to anyone who would pay using DOGE. given that the property goes for $399,000, that’s a pretty hefty discount.
Instances like these show that there is a demand for DOGE payments – no matter how small. The Foundation could explore this use case – as well as many more – going forward.