Dogecoin Core Developer offers Adios on the project
Ross Nicoll, a core developer of Dogecoin, has announced his intention to move away from the meme-based cryptocurrency.
His justifications? The coin making process was too stressful for him and he doesn’t want to be associated with a potential conflict of interest in the job.
Dogecoin fell almost 4% to $0.14 shortly after the news.
For the uninformed, the Dogecoin Foundation is a non-profit organization dedicated to the growth of the meme coin.
The foundation was reformed in August after being established in 2014, but became inactive over time.
Vitalik Buterin, co-founder of Ethereum, is a consultant at DF.
Goodbye, Dogecoin core developer role
Nicoll stated in a blog post on Thursday that he is “leaving” Dogecoin for several reasons.
Most notably, the stress is unbearable, and he said he “needs to take a break to focus on myself for a while.”
Nicoll stated in a LinkedIn message to CoinDesk that his resignation is “not final or immediate”.
“I want to make it clear that this is a change of role and that there will be a transition time. I’m not going to be gone all at once,” he noted.
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DOGE total market cap at $18.76 billion in daily chart | Source: TradingView.com
Dogecoin price slow
At the time of publication, DOGE was trading lower alongside other major coins as the global cryptocurrency market cap fell 5.5% to $1.86 trillion.
Just a few weeks ago, Dogecoin co-founder Billy Markus begged his followers to “be calm” as the cryptocurrency has struggled to gain traction since last month.
In a tweet, Markus urged members of the DOGE community to be “toxic, crazy and offensive” as it could undermine the brand.
On Friday, the value of risky assets fell as geopolitical tensions resurfaced and investors braced for impending rate hikes.
US President Joe Biden is likely to announce an executive order next week on the regulation of cryptocurrencies, which also affected the vote.
Related literature | Tesla accepts Dogecoin for merchandise, token rises by 30%
The Musk Factor
The success of Dogecoin is inextricably linked to the enthusiasm of Tesla CEO Elon Musk for it.
The billionaire first mentioned Dogecoin on Twitter in early 2021, sharing a Lion King DOGE meme.
This led to a frenzied DOGE surge — punctuated by temporary drops — culminating in Musk’s appearance on Saturday Night Live.
DOGE collapsed after Musk’s SNL gig, despite his vows to raise the price.
Musk appeared to lose interest in the months that followed, and DOGE’s price has fallen more than 70% from its all-time high.
However, Musk retains control of Dogecoin, as rare tweets reveal.
Nicoll has gone out of his way to defend Dogecoin against trademark registrations by unaffiliated parties.
The evolution of Dogecoin is in the hands of its “co-creators,” he said, “in a way that I don’t have the mentality for.”
Featured image of , chart from TradingView.com