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After almost six years of interruption, the Dogecoin Foundation is restarting to support the development of the Dogecoin cryptocurrency. Elon Musk and Vitalik Buterin have been part of the mission to further the progress of the DOGE.
Dogecoin Foundation, a non-profit organization has once again become active and has been re-launched to support the development of the Canine-themed cryptocurrency. The organization was not active for several years. Now with the re-launch, the organization will announce new projects in the coming weeks.
The advisory board has welcomed Elon Musk’s associate as well as Ethereum Co-founder Vitalik Buterin into the process. Dogecoin Foundation was launched in 2014 as a non-profit organization, shortly after DOGE was created as a meme currency.
On-road to development
The developers have re-launched the organization with a vision to accelerate development efforts along with board members and advisors. To encourage the adoption of DOGE, the foundation will not only be announcing new projects but will also be promoting blockchain.
Vitalik Buterin also serves as a blockchain and cryptocurrency consultant for the Dogecoin Foundation. On being a part of the re-launched program, Buterin has been very excited and expressed that if there is a link between Ethereum and Dogecoin, DOGE transactions would be thousands of times faster than Ethereum per second.
Role of Elon Musk
Elon Musk, the SpaceX CEO, has also appointed a representative Jared Birchall for the Dogecoin Foundation. He has been appointed as the legal and financial advisor of the firm. Birchall is the managing director of Musk’s family office and senior vice president of Morgan Stanley.
Musk is also playing an important role in advising the core team of developers since 2019 when he was voted as the CEO of Dogecoin. He worked with a group of developers to make cryptocurrency a cheaper and cleaner alternative to Bitcoin. He was earlier offered to fund Dogecoin development. However, the team declined to say that they had refused others’ offers as well.
Michi Lumin and Ross Nicoll are the core developers and are also on the Foundation’s board. They are also the Dogecoin community members. Gary Lachance, Jens Wirchers and Timothy Stebbing are also members of the Dogecoin community.
Dogecoin ascending parallel pattern
Dogecoin has been showing the bullish trend on the chart and the price has been trading within an ascending parallel channel pattern. On August 16, DOGE printed a fakeout when it rose above the upper boundary of the governing technical pattern.
Dogecoin’s prices are under increasing pressure from sellers, which in turn forces Dogecoin back to parallel channels. Doge continues moving sideways in the technical chart pattern. But this could only be maintained as long as Doge sustained above the lower boundary of the ascending parallel channel.
The price of the canine-themed digital currency is priced at $0.288. It should act as immediate support with a simple moving average (SMA). The descending line of the chart pattern looks like this: it coincides with the $38.2% Fibonacci retracement level to $0.278.
It will emerge at the 100 four-hour SMA corresponding with the 50% Fibonacci retracement level at $0.255. Under the pressure of sellers, the price of Dogecoin may rise to $61.8%. The Fibonacci retracement level is at $0.278.
Under the pressure of sellers, the price of Dogecoin may soar to 61.8%. The Fibonacci retracement level is at $0.232, negating the overall optimistic forecast of the main graphics model.
If the bullish trend can take the charge again, Dogecoin prices will target the middle boundary of the parallel channel, before facing the next hurdle at the 20 four-hour SMA at $0.317. The larger goal is to increase by 16% to mark the upper limit of the chart at $0.338.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
