Dogecoin Foundation relaunches as Vitalik Buterin and Elon Musk representative join as advisers

Non-profit organization Dogecoin Foundation has been re-established with an aim to support the development of the canine-themed cryptocurrency. The organization was inactive for years, and the advisory board welcomed Elon Musk’s associate as well as Ethereum co-founder Vitalik Buterin.

Dogecoin Foundation to accelerate development efforts

The Dogecoin Foundation was launched in 2014 as a non-profit organization, shortly after DOGE was created initially as a meme. 

Dogecoin core developers have relaunched the organization, aiming to accelerate development efforts along with board members and advisers. The foundation aims to promote the blockchain, and new projects are expected to be announced in the coming weeks, encouraging the adoption of DOGE.

Ethereum co-founder Vitalik Buterin also serves as the Dogecoin Foundation’s blockchain and crypto adviser.

Buterin expressed his opinion on the canine-themed cryptocurrency, stating that if there would be a link between Ethereum and Dogecoin, DOGE transactions would be up to thousands of times faster per second. 

In addition, a representative appointed by SpaceX CEO Elon Musk, Jared Birchall, also joined the Dogecoin Foundation as the organization’s legal and financial adviser. Birchall acts as the managing director of Musk’s family office and was a former senior vice president at Morgan Stanley. 

Musk has been advising the core team of developers since 2019 when he was voted as the Dogecoin CEO. He has been working with a group of developers to make the cryptocurrency a cheaper and greener alternative to Bitcoin. 

The Tesla CEO previously offered to fund Dogecoin development, but the team declined, stating that they also refused other offers as well.

Core developers Michi Lumin and Ross Nicoll are on the foundation’s board, as well as Dogecoin community members including Gary Lachance, Jens Wiechers and Timothy Stebbing. 

Dogecoin price retraces following fakeout

Dogecoin price has been trading within an ascending parallel channel pattern on the 4-hour chart, suggesting an overall uptrend. 

DOGE printed a fakeout on August 16, when it surged above the upper boundary of the governing technical pattern, indicative of a potential rally.

However, Dogecoin price was met with an increase in selling pressure, forcing DOGE to retrace and collapse back into the parallel channel. 

DOGE should continue to move sideways within the technical chart pattern, as long as it manages to sustain above the lower boundary of the ascending parallel channel. 

The 50 four-hour Simple Moving Average (SMA) acts as immediate support for the canine-themed digital currency at $0.288. Then the downside trend line of the chart pattern is next, coinciding with the 38.2% Fibonacci retracement level at $0.278.

DOGE/USDT 4-hour chart

The following line of defense will emerge at the 100 four-hour SMA, corresponding with the 50% Fibonacci retracement level at $0.255. 

Further selling pressure could push Dogecoin price to the 61.8% Fibonacci retracement level at $0.232, voiding the overall bullish outlook given by the prevailing chart pattern.

Should the bulls be able to take charge again, Dogecoin price will target the middle boundary of the parallel channel, before facing the next hurdle at the 20 four-hour SMA at $0.317. Bigger aspirations will target a 16% surge to tag the upper boundary of the chart pattern at $0.338.