MyDoge, the self-custodian Dogecoin wallet developer, recently made a whopping donation of DOGE coins to the Dogecoin Foundation.
The Dogecoin Foundation took to the microblogging platform Twitter to announce the generous tip of one million DOGE worth around $140,000 it received from MyDoge.
“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 Foundation said.
According to MyDoge, the donation was made as part of an effort to enable DOGE to become the currency of the people, which can only be possible via the implementation of significant upgrades.
“We hope other shibes join us in helping support their mission to make $doge the people’s currency and Do Only Good Everyday. #MyDogeTip1M,” MyDoge noted in its announcement.
Can Dogecoin Become the People’s Currency?
In recent times, Dogecoin has been tipped to become the currency of the people following its widespread adoption across various parts of the world.
The popular memecoin, which started as an internet joke, made its debut in 2013, and has been adopted in payment and as an investment vehicle.
The cryptocurrency has also earned the backing of popular figures, including Tesla’s Elon Musk, and Mark Cuban, the current owner of NBA team Dallas Mavericks.
While many people are envisaging the day Dogecoin would eventually become the currency of the people, Vladimir Tenev, Robinhood’s co-founder, highlighted some important things the cryptocurrency’s developers need to improve on to make this goal a reality.
According to Tenev, Dogecoin developers need to improve the transaction block size to up to 10 GB in order to enable DOGE to rival the top payment network Visa.
Tenev also added that the coin’s developers need to come up with a fixed total supply for the cryptocurrency to boost the token’s value.
Meanwhile, Tenev’s suggestion did not sit well with Jack Dorsey, the former CEO of Twitter and it resulted in an exchange of words between them.