At the beginning of this week came the announcement of the re-establishment of the Dogecoin Foundation, which opened in 2014 and then effectively ceasing its activity after a couple of years. There’s a renewed intention to support the Dogecoin ecosystem and community and to promote the future of the Dogecoin Blockchain. A new manifesto was released and a group of advisors was assembled: Jared Birchall, who works for SpaceX and Tesla Motors and represents Elon Musk, Billy Markus, one of the founders of Dogecoin, developer Max Keller, and Ethereum co-creator Vitalik Buterin. The developments include legal protection of Dogecoin, also against other entities that would like to get their hands on the Dogecoin brand. According to the online magazine Decrypt, the Foundation intends to open its headquarters in Liechtenstein, a crypto-friendly state from which it would be easier to work to spread Dogecoin in Europe.
The story of Dogecoin is curious because this cryptocurrency was born in 2013 as a joke, inspired by a meme with a Shiba Inu dog, and then became a serious project. The two creators Billy Markus and Jackson Palmer wanted to create a cryptocurrency different from Bitcoin, far from controversial stories such as those of other cryptocurrencies and with the possibility of reaching a broader group of people.
After a short period of luck, Dogecoin and especially its Foundation had a setback following the abandonment of Jackson Palmer and other founders. Both creators of Dogecoin voiced criticism of cryptocurrencies because they end up enriching an elite. It’s no coincidence that the new manifesto reiterates that Dogecoin is a currency for the people.
Starting from summer 2020, Dogecoin regained vitality, also thanks to the interest of Elon Musk, who started mentioning this cryptocurrency, significantly increasing its importance. In the last year, its value increased hundreds of times, reaching even more than 0.7 USD in value. After the peak reached at the beginning of May 2021, its value dropped significantly, also because it was hit by the general decline of the most important cryptocurrencies.
The re-establishment of the Dogecoin Foundation indicates a willingness to offer a serious future to a cryptocurrency born as a joke. This includes the intention to protect the Dogecoin brand from other entities that would like to appropriate it and to keep it for the community.
The online magazine Decrypt reported the Dogecoin Foundation’s intention to establish its headquarters in Liechtenstein. The choice is due to the fact that it’s a crypto-friendly nation, so it’s ideal to establish a legal entity that operates in this field. Liechtenstein is a very small nation but has several international agreements with other European nations, which means that it’s not part of the European Union but has agreements that make it a participant in various treaties, including economic ones. In short, if confirmed, the choice would make sense.
Over the years, Dogecoin has been at the center of charity initiatives and has recently started spreading in the world of sports, in particular thanks to Mark Cuban, who in March 2021 announced that his NBA team, the Dallas Mavericks, would accept Dogecoin to pay for the tickets for the games and the team merchandise. In 2022, a space mission to transport various instruments to the Moon is scheduled to include a nanosatellite financed with Dogecoin and therefore called DOGE-1 which will obviously be launched by SpaceX.
The revamped Dogecoin Foundation has ambitious plans that include reaching the value of one US dollar. For now, Dogecoin fluctuates around 30 US cents and there are many factors that can affect its value. A strong foundation can certainly help the spread of this cryptocurrency.
