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Dogecoin Foundation receives huge donation in an effort to make DOGE a currency of the people

John KumiBy 0Edited by John Kiguru 21. April 20223 Mins Read
  • Dogecoin Foundation has confirmed that it has received 1 million DOGE worth about $141,000 as a donation from MyDoge.
  • According to MyDoge, the donation represents his effort to ensure that upgrades are executed to make it the currency of the people. 

Dogecoin Foundation has been receiving a number of donations from its community across the globe, but one single donation from MyDoge has caught headlines. According to an announcement made by the Foundation on Twitter, MyDoge donated a whooping sum of 1 million DOGE worth about $141,000. 

Wow! Speechless! Thank you @MyDogeOfficial for this incredibly generous 1,000,000 Dogecoin tip! It’s been amazing to see the community re-energized this past year and projects like yours spring up. We love everything you’ve been doing!

Dogecoin has been tipped to become the currency of the people, and the foundation is considering a number of significant upgrades to make this a reality. According to MyDoge, the donation represents an effort to ensure that upgrades are executed to make it the currency of the people. 

We hope other shibes join us in helping support their mission to make $doge the people’s currency and Do Only Good Everyday.

Can Dogecoin really become the currency of the people?

Vladimir Tenev, CEO and co-founder of Robinhood in a report argued that Dogecoin is far from becoming the currency of the people due to some technical issues. According to him, Dogecoin developers must work on its transaction speed and cut down the transaction cost to get close to becoming the currency of the people. He believes that its block time should be faster and it should not be at the level of causing problems of energy wastage. He also pointed out that Dogecoin must have a fixed supply to be able to live up to the hype.

Another criticism of Doge is that it’s inflationary and the supply is infinite, unlike Bitcoin’s finite supply of 21M coins. ~5B new DOGE are created every year, and the current supply is about 132B. This results in a current inflation rate of less than 5 percent – less than USD!

In 2021, a survey conducted across 22 countries by the Australian cryptocurrency survey agency, disclosed that the Dogecoin adoption rate had surpassed that of Bitcoin and Ethereum in the US. About 30 percent of crypto owners surveyed in the US admitted that they owned Dogecoin. This is 1.6 times the global adoption level of 19 percent. Also, in the last quarter of 2021, The Advisor Coach’s study, reported that Dogecoin was the most Googled crypto in the US. In October, it averaged 7 million searches. 

According to the report, the popularity of Dogecoin can largely be attributed to Tesla CEO Elon Musk. Last year, he disclosed that the company planned on accepting the meme coin as a payment option. 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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