Dogecoin (DOGE) Price Turns Green After Recent Blood Bath

  • The foundation has established a new community Dogecoin Core development fund.
  • The price of Dogecoin has decreased by 13% over the last week prior to the news.

On Saturday, the Dogecoin Foundation made an exciting announcement for the Dogecoin community. For the greater good of the Dogecoin ecosystem as a whole, the foundation has established a new community Dogecoin Core development fund. In response, the Dogecoin community rallied, sending DOGE’s price up by more than 2% in just an hour.

Prior to this announcement, according to statistics provided by CMC, the price of Dogecoin has decreased by 13% over the last week, and by 6% to just under $0.07 during the course of the previous 24 hours. Speculation over future modifications to the energy-intensive proof-of-work mining process that now supports the cryptocurrency has caused the notoriously volatile meme coin to drop this week.

Rumors Put to Rest

One of Dogecoin’s primary developers recently denied rumors that the cryptocurrency will soon undergo a transition to a more energy-efficient proof-of-stake architecture, similar to Ethereum’s long-awaited merging in September.

A lead developer at the Dogecoin Foundation, Michi Lumin, tweeted on Wednesday that those who have posted about the coin and expected changes coming “do not actually have the inside scoop on what’s going on with #dogecoin.”

It would be difficult, Lumin said, for the Dogecoin Foundation to impose such a change without the support of the vast majority of node validators. As said, the most well-known cryptocurrency to switch to a proof-of-stake consensus method is Ethereum, which completed its long-awaited merging event in September of this year.

Some people think that proof-of-stake is less safe than a proof-of-work approach, despite the fact that it is a more energy-efficient method to run a decentralized blockchain network. Although there was much excitement about Ethereum’s integration and the resulting energy savings, the price of ETH plummeted after the transfer was complete.

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