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DOGE price movement after announcement of a new fund for core developers

By:
on Jan 3, 2023
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  • The Dogecoin Foundation has allocated 5 million DOGE or $360,000 to the Dogecoin CoreFund.
  • 48% of the total supply of DOGE is held by ten holders.
  • Dogecoin can increase by 14% by the end of January.

The Dogecoin (DOGE/USD) ecosystem aims to grow on an exponential scale as The Dogecoin Foundation announces a new fund for core developers, known as the Dogecoin CoreFund.

Dogecoin is a meme cryptocurrency that was originally created in 2013. However, it has stood the test of time and has remained relevant to this very day without too much growth in its ecosystem.

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All of this aims to change with the introduction of this new fund.

The 5M DOGE fund as a catalyst for growth

In the latest Dogecoin news, on December 31, 2022, the foundation made an official announcement stating that they have allocated a new, segregated, multi-signature wallet that is designed to transparently manage 5,000,000 DOGE ($360,000).

The DOGE held in this wallet will distribute rewards to the developers of Dogecoin Core for work on all contributions.

In terms of the management team, the wallet is managed by a total of 5 Dogecoin Core developers, including chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder, and Ross Nicoll.

For every release of Dogecoin Core, 500,000 DOGE will get distributed to the developers who have contributed to the release.

Additionally, according to data from CoinMarketCap, 48% of the total supply of Dogecoin is held by the top 10 holders. 

Source: CoinMarketCap

Should you buy Dogecoin (DOGE)? 

On January 3, 2023, Dogecoin (DOGE) had a value of $0.0716.

DOGE/USD Chart by Tradingview

The all-time high of the Dogecoin (DOGE) cryptocurrency was on May 8, 2021, when it had a value of $0.731578. This means that at its ATH, the DOGE was $0.659978 higher in value, or 921% higher.

In terms of the weekly performance surrounding the cryptocurrency, Dogecoin (DOGE) had its lowest point of value at $0.067315. Its highest point was at $0.075072. Here we can see a difference of $0.007757 or 11%.

In the last 24 hours, the low point of Dogecoin (DOGE) was at $0.071296, while its high point was at $0.072483. Here we can see a difference of just $0.001187 or by 1%.

Investors will be interested in buying DOGE as it can climb to $0.082 by the end of January 2023 due to the increased ecosystem development as a result of this new fund.