Back in April, InvestorPlace’s Thomas Yeung took a microscopic look into Dogecoin (CCC:DOGE-USD). A meme-coin aficionado, Yeung concluded his deep-dive with a prescient take: Dogecoin is going to need serious community effort, and maybe even a benefactor, if it wants to elevate itself to a $10 valuation. Well, today’s Dogecoin crypto news is seeing this exact take come to reality. The Dogecoin Foundation is seeing a revamp, and it’s hoping to bring funding for further development of the coin.
“So far, Dogecoin’s grassroots-based approach has helped the cryptocurrency avoid obsolescence; people buy the coin for fun and profits, not usability,” says Yeung. “But unless larger stakeholders also step up, these efforts can only go so far.”
The larger stakeholders are coming today in droves via the new iteration of the Dogecoin Foundation. The foundation existed previously, as far back as 2014, but it failed to help the coin actually grow. This new foundation has some of the heaviest hitters in the crypto space represented, and now the crypto stands to bring in funding with ease.
Vitalik Buterin Takes the Lead of New Dogecoin Crypto Foundation
Ethereum (CCC:ETH-USD) co-founder Vitalik Buterin is one of the youngest crypto billionaires, and part of that is because he has his hands in so many different blockchain projects. Buterin is now taking on a significant role within the foundation as its crypto and blockchain advisor. A huge part of Buterin’s role will be helping transition Dogecoin from a proof-of-work algorithm to a proof-of-stake one. This is something he is doing currently with the Ethereum network.
Other notable figures within the new foundation include financial and legal advisor Jared Birchall. Birchall is closely aligned with Tesla (NASDAQ:TSLA) founder and well-known DOGE bull Elon Musk; in fact, Birchall serves as the head of the Musk family’s office. Core Dogecoin developers, including Max Keller and founder Billy Markus, are assuming roles within the foundation once again.
The foundation is not just gathering a flash of famous faces to help rally the community around the coin once again. Rather, it is looking to help pay to bring a Dogecoin development team into the fold. The group is seeking to secure funding for at least three years in an effort to hire a small team of full-time Dogecoin developers.
These developers will help implement newly promised projects. These projects will complement the core Dogecoin wallet and make for easier application-programming interfaces. The hope is that these interface upgrades will encourage financial and charitable institutions to accommodate Dogecoin.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.