A popular meme coin project has donated a million dollar token to a network wallet developer, and it is on its way to becoming a “people’s cryptocurrency”.
Dogecoin Foundation Donates One Million DOGE
The developer of the Dogecoin wallet, MyDoge, recently donated a large number of DOGE coins to the Dogecoin foundation. The Dogecoin foundation used the Twitter platform to announce a generous tip of about $140,000 that it received from MyDoge. MyDoge has published the following statements on its official Twitter account:
Thank you @MyDogeOfficial for this incredibly generous tip of 1,000,000 Dogecoin! It was incredible to see how the community came alive last year and projects like yours appeared. We love everything you do!
According to MyDoge, the donation was made as part of efforts to turn DOGE into a popular currency, and this is possible only after the introduction of significant updates.
Can meme coins/tokens become a publicly available cryptocurrency?
Recently, Dogecoin has become a publicly available currency after its widespread distribution in various parts of the world. The popular meme coin, which began as an Internet raffle, debuted in 2013 and was adopted as a payment and investment tool. Dogecoin (DOGE) has also received the support of popular names, including Elon Musk from Tesla and the current owner of the NBA Dallas Mavericks team, Mark Cuban.
While many dream of the day when Dogecoin will eventually become the people’s currency, Robinhood co-founder Vladimir Tenev highlighted some key points that cryptocurrency developers need to develop in order to realize this goal. According to Tenev, Dogecoin developers need to increase the transaction block size to 10 GB to allow DOGE to compete with the largest Visa payment network.
According to Somanews, Tenev also added that cryptocurrency developers need to find a stable aggregate supply for cryptocurrencies in order to increase the value of the token. Meanwhile, Tenev’s proposal did not suit former Twitter CEO Jack Dorsey and caused a skirmish between them.
