Ross Nicoll (a Dogecoin core developers) has made it clear that he will be leaving the meme-based cryptocurrency.
What are his reasons? He found the coin-making process too difficult and does not want to associate with any potential conflicts of interest.
Dogecoin dropped nearly 4% to $0.14 within minutes of the announcement.
Dogecoin Foundation is an organization that supports the growth and development of meme coins.
After being established in 2014, the foundation was revived in August. However, it became inactive in time.
Vitalik Buterin is a consultant for DF.
Goodbye, Dogecoin Core Developer Role
Nicoll stated in a blog post Thursday that he is “stepping away” from Dogecoin for a variety of reasons.
Most notably, the stress is unbearable and he said he needs “to take a break to focus on myself for a period.”
Nicoll stated in a LinkedIn message to CoinDesk that his resignation is “neither definitive or instantaneous.”
“I want to be clear that this is a role change, and there will be a transition time. I’m not suddenly gone,” he pointed out.
Litecoin Creator Praises Dogecoin, Can The Token Get Its Bark Back?| Litecoin Creator Praises Dogecoin, Can The Token Get Its Bark Back?
Source: TradingView.com| Source: TradingView.com
Dogecoin Price Sluggish
DOGE traded lower than other major coins at the time this article was published, with the global crypto market cap plummeting 5.5% to $1.86 Trillion.
Just a few weeks ago, Dogecoin co-founder Billy Markus pleaded with followers to “be calm” as the cryptocurrency has struggled to gain traction since last month.
Markus urged members of the DOGE community in a tweet against being “toxic, crazy, and attacky,” since this may undermine the brand.
Friday was a day of decline for risk assets, as investors feared that geopolitical tensions would resurface and cause a drop in their value.
Next week, Joe Biden of the United States will likely announce an executive order on regulation of cryptocurrency. This has also impacted mood.
Related Reading | Tesla To Accept Dogecoin For Merchandise, Token Soars 30%
Musk Factor
Dogecoin’s success is inextricably linked to Tesla CEO Elon Musk’s enthusiasm for it.
A meme featuring a Lion King DOGE was shared by the billionaire who first tweeted Dogecoin in 2021.
This sparked a frenzied DOGE rise — punctuated by temporary drops — culminating in Musk’s appearance on Saturday Night Live.
DOGE collapsed following Musk’s SNL performance, despite his vows to push its price up.
Musk seemed to have lost interest over the following months. DOGE’s price has dropped more than 70% since its peak.
Musk is still in control of Dogecoin though, according to rare tweets.
Doge Protector
Nicoll did his best to protect Dogecoin from trademark registrations made by non-affiliated entities.
Dogecoin’s evolution is in the hands of its “co-creators,” he said, “in a way that I do not have the mindset for.”
Featured Image from, Chart from TradingView.com