Dogecoin Core Developers, Co-Founder Revive Efforts To Establish Organization Supporting Meme Coin's Development

Core Dogecoin DOGE/USD developers and Billy Markus, the co-founder of the meme cryptocurrency, are reviving efforts to create an organization aimed at supporting Dogecoin’s development.

What Happened: The move was announced by Jens Wiechers, a data scientist and early Dogecoin backer, in a series of tweets on Monday.

Markus noted that Wiechers, who has been fighting to contest the “unlawful Dogecoin trademarks,” will lead the second version of the foundation.

See also: How to Buy Dogecoin (DOGE)

So @jwiechers has been fighting to contest the unlawful Dogecoin trademarks. He also lead the second version of the foundation. Right now the organization isn’t really setup though, it’s just him. But I personally vouch for him, he’s been with Doge since close to the start.

— Shibetoshi Nakamoto (@BillyM2k) July 26, 2021

Wiechers said that after he was contacted by Dogecoin core developers Ross Nicoll, Michi Lumin and ome others, a small group was created from among core Dogecoin developers, contributors, community godfathers, and experts to move ahead with the plan.

A while ago, @JRossNicoll, @michilumin & a few others got in contact with me re the 2014 efforts to create a Dogecoin Foundation.

As great as it is to see our favourite shiba inu-emblazoned coin get wider recognition, it hasn't come without challenges. https://t.co/uxYck7in2P

— ⬢ Jens Wiechers ⬡ (he/him; prefers they/them) (@jwiechers) July 27, 2021

The aim is to establish a Dogecoin Foundation is to help make development of the meme cryptocurrency “more sustainable, forward-looking and stable,” according to Wiechers. He expects to make further announcements in the next two weeks.

See Also: Should You Sell Dogecoin And Take Profit Or Hodl And Wait For 'Moonshot?' Meme Coin's Creator Says This Is How He Would Play It

Why It Matters: Dogecoin is based on the popular “Doge” Internet meme and emerged in 2013 as a parody of the frenzy surrounding some of the digital assets.

The meme cryptocurrency has come a long way from its obscure beginning to grab the mainstream spotlight this year, in major part due to endorsement from Tesla Inc. TSLA CEO Elon Musk.

The Shiba Inu-themed cryptocurrency is currently the eighth-largest cryptocurrency by market cap, as per CoinMarketCap data. However, the altcoin is down 73.2% from its all-time high of $0.7376 reached in May.

The Dogecoin Foundation was initially created some years ago as an intermediary to vet charities supported by the Doge community. However, the sharp rise in the popularity of Dogecoin this year and the need to defend the altcoin's IP rights has led to revival of efforts to create a Dogecoin Foundation.

Read Next: Elon Musk Caused Bitcoin To Slump And Dogecoin To Rise In Q2, Shows Analysis