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The Dogecoin Foundation has been reestablished. There is also the Ethereum Co-founder!

The new Dogecoin foundation will be run by OG community members Jens Wiechers, Gary Lachance, Dogecoin Core developer Ross Nicoll and other prominent Dogecoiners. Its advisory board boasts a few notable names, including longtime Elon Musk partner and Neuralink CEO Jared Birchall, Dogecoin co-founder Billy Markus, and Ethereum co-founder Vitalik Buterin.

First formed in 2014, months after Dogecoin founder Jackson Palmer announced the project on Twitter as a joke, the foundation has had many donations in and out of the crypto space. However, after some of its founders – Ben Doernberg and Eric Nakagawa – left the original foundation, the group remained largely silent.

Following the news, as Cointelegraph Markets Pro data shows, the price of Dogecoin fell by more than 6% yesterday, closing the session slightly below $ 0.30.

Can the Dogecoin reach a $ 1 valuation after the big shots come in?

The DOGE has become one of the biggest success stories of the year, as it has gone from being a “created as a joke” coin to one of the most popular coins in the cryptocurrency industry. Primarily, increased trading volumes and increased attention from major influencers have played a pivotal role in the cryptocurrency journey.

The same was highlighted in a series of tweets by Philip Gradwell, chief economist at Chainalysis. He pointed to the fact that Doge adoption has stood at the highest level since the 2017 bull market. New users who have held the token for less than six months currently hold 25% of the circulating supply.

Going on, Gradwell provided a deeper insight into the on-chain activity for the trending altcoin by stating that Dogecoin could reach $ 1.

Techno-Graphic Analysis and Dogecoin forecasts

At the time of writing, the Doge is trading at $ 0.2968, a third consecutive day of low. It could just be a pause before the upward draw.

For the resumption of the bullish trend, the price must first close above $ 0.30, the last major support zone. The short-term target remains the supply area in the $ 0.40 / $ 0.44 zone.

For a look at all of today’s economic events, check out our economic calendar.

Kim Lee

Kim is a Chinese girl and has studied in England. Kim loves playing video games, she likes Fortnite games. Kim likes Hollywood movies. Kim's English is very good, so she became a writer. Email : kim@d1softballnews.com

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