Dogecoin: the 5 million DOGE New Year’s CoreFund set up

On New Year’s Eve, the Dogecoin Foundation established a new 5 million DOGE CoreFund with the aim of helping the network’s primary development initiatives. 

Dogecoin Foundation and the new 5 million DOGE CoreFund

The Dogecoin Foundation wants to start the new year off right by announcing the new 5 million DOGE CoreFund that will be used to support the network’s primary development initiatives. 

Exciting news to end 2022 on!https://t.co/6y20WIf5Aj

— Dogecoin Foundation (@DogecoinFdn) December 31, 2022

In essence, DOGE’s new 5,000,000 CoreFund will soon be destined towards the Dogecoin Core, the development of which is critical, benefiting the Dogecoin ecosystem.

This is a new multi-signature segregated wallet designed to transparently manage the sum. In this regard, the foundation is committed to publishing articles detailing all spending. 

Not only that, the DOGE contained in this wallet will disburse rewards to Dogecoin Core developers for their work on all contributions, large or small.

This multi-signature wallet, whose address is 9xEP9voiNLw7Y7DS87M8QRqKM43r6r5KM5 will be managed by Dogecoin Core developers and Dogecoin Foundation members. 

Dogecoin Foundation welcomes Marshall Hayner to the board of directors

In the same blog post, the Dogecoin Foundation welcomes a new member to its BoD (Board of Directors): Marshall Hayner.

Hayner, along with four other individuals, have been named to be custodians of the new wallet. 

In practice, such a multi-signature wallet is protected by a threshold of three out of five signatures, with the following custodians: chromatic (Dogecoin Core developer), Marshall Hayner (Dogecoin Foundation Board), Michi Lumin (Dogecoin Core developer, Dogecoin Foundation Board), Patrick Lodder (Dogecoin Core developer), Ross Nicoll (Former Dogecoin Core developer). 

At the moment, however, it appears that market sentiment reaction toward Dogecoin has not improved much. 

Dogecoin Fear and Greed Index is 31 — Fear pic.twitter.com/CAmmAUKOTb

— Doge Fear and Greed Index (@DogecoinFear) January 2, 2023

In fact, DOGE’s Fear & Greed Index remains in the red zone of “fear,” with no belief that the new CoreFund will improve the performance of the quintessential memecoin. 

The price of DOGE

Taking a look at DOGE’s price chart, the meme coin experienced a slight pump right around New Year’s Eve. 

And indeed, the eighth-largest crypto by market capitalization went from a price of $0.068 at the end of the year, to the current $0.071, even touching $0.072 yesterday. 

In the past 24 hours, DOGE’s market capitalization has also risen 2%, remaining at $9.5 billion. 

Small bullish steps in what has been the year of the deepest crypto winter in history. 

Bitcoin (BTC), in fact, always there at the top of the crypto rankings, is now worth $16,735, a far cry from the $46,500 of early 2022. 

Overtaking Coinbase and Elon Musk’s support

Another big news of Dogecoin‘s closing month last year was its overtaking in market capitalization over the giant Coinbase. 

Not only that, the infamous backing of Elon Musk, now the new owner of Twitter, allegedly led the meme coin to register its price pump even as he himself bought Twitter, claiming that he wanted to give Dogecoin the role of the social network’s official digital currency. 

Dogecoin has also been repeatedly supported by its community on Twitter, but also on Reddit, jumping ahead even in the crypto rankings in which for most of 2022 it was in 10th place, compared to its current 8th position.