Dogecoin has seen a tremendous hype starting at the end of 2020. No one less than Elon Musk is responsible for the hype and what’s has followed in the year 2021. The self-proclaimed “dogefather” has caused quite a stir in the global crypto community. First Tesla announced investing 1,5 billion US-Dollars in Bitcoin and accepting BTC in February. Only a few months later Musk himself went back on that decision stating that Tesla will hold its assets, but will refrain from accepting BTC because of the negative environmental impact of mining.
It seems that Musk is not quite done with crypto yet. Last week the Dogecoin Foundation announced its revival.
Why is there even a Dogecoin Foundation in the first place?
Since Dogecoin is a meme, one might wonder why a foundation is necessary at all. But the intellectual property of Dogecoin needs legal protection from fraud and malicious players. This is including, but not limited to the use of its logo.
The Dogecoin Foundation was founded for this specific reason in 2014. Since the project was popular, but not too much successful the foundation was not much involved and it became quiet. But only until last week as the foundation announced its revival and a couple of new board members and advisors. Among them Jared Birchall, one of the most important advisors and partners of Elon Musk and Vitalik Buterin, the co-founder and de facto face of Ethereum.
Why is this important?
Well, the richest men of the world just send his wingman to advise the Dogecoin Foundation. But there is more to it. Musk once said in an interview that it would be perhaps the most ironic outcome if the cryptocurrency that aims to make fun of crypto would become the biggest and most successful.
And that’s what we are potentially looking at. While everybody is thinking that this could never work out and this is just some foolish idea, it is most likely that Musk is working with the Foundation to reach this goal. Earlier this year he was publicly musing about the possibilities to increase Doge’s transaction throughput and scalability to make it the number one crypto for transactions. During the same period of time, he also made the information available that he is discussing the matter with developers already.
Now that the Dogecoin Foundation is back in the game, it becomes clear that this might be part of his plans and what he had in mind when he was tweeting his thoughts. The Foundation has not yet announced its roadmap, but that being said, there is a roadmap for Doge.
Even if Dogecoin does not overtake Bitcoin, there is a lot of potential for the next hype.