Dogecoin Foundation Rises from the Ashes with Vitalik Buterin as Chief Adviser

August 19, 2021, 11:00 AM AEST - 1 month ago

Dogecoin, the meme-based crypto asset that started as a joke seven years ago and grew into a US$44.42 billion juggernaut, has risen in value more than 32 percent over the past week. And now, after a six-year silence, the Dogecoin Foundation is back from the dead with Vitalik Buterin as its chief adviser.

In an August 17 announcement, the foundation says it’s re-establishing itself to support the Dogecoin (DOGE) community and promote the future of the blockchain. It adds that new projects will be flagged in coming weeks to “increase Dogecoin uptake at a grassroots level”.

Three-Year Budget Sought for New Foundation Team

The foundation aims to secure a three-year budget for onboard team members to support its goals. As well as Ethereum co-founder Buterin, the foundation’s nominated “blockchain and crypto adviser”, those team members include:

  • Jared Birchall, the head of Elon Musk’s Family Office, who will serve as the foundation’s legal and financial adviser and supposedly represent Musk’s interests;
  • Dogecoin core developer Max Keller, designated technical adviser;
  • Dogecoin co-founder Shibetoshi Nakamoto, community and memes adviser;
  • Board members Jens Wiechers (a foundation veteran), Dogecoin co-founder Billy Markus, and core blockchain developers Michi Lumin and Ross Nicoll. 

Originally launched in 2014, just months after Dogecoin founder, Australian Jackson Palmer, announced the project on Twitter as a joke, the foundation fronted charitable contributions in and out of the crypto space. However, after several of its co-founders – notably Ben Doernberg and Eric Nakagawa – left, the group dissolved into an extended media silence.

The revitalised foundation “will be announcing new projects that will complement the current Core Wallet to enable faster integration and easier APIs [application programming interfaces] for financial, social and charitable projects wishing to use Dogecoin”.

It’s Been a Big Month For Dogecoin

After its 32 percent rise over the previous week, the DOGE price was US$0.44 at the time of writing. It’s been a big month all round for Dogecoin, with its value increasing 40 percent following news that Chainalysis will be providing “insight” on how the asset is used. On the same day, it was revealed that English football club Watford will wear the Dogecoin logo for the entirety of the EPL season.

That said, US billionaire Mark Cuban – one of Dogecoin’s highest-profile supporters – admitted on social media that he only owns US$494 worth of the meme-inspired cryptocurrency.

Perhaps it was a joke.

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