Dogecoin Lead Developer Mishaboar Reiterates Foundation is an Independent Organization

DOGE lead developer Mishaboar reiterated that the Dogecoin Foundation is an independent organization working to develop solutions for the meme coin ecosystem.

Dogecoin (CRYPTO: DOGE) lead developer Mishaboar has clarified the role of the Dogecoin Foundation, highlighting the decentralized nature of the meme coin.

What Happened: In a series of tweets on Sunday, Mishaboar addressed recent reports describing the Dogecoin Foundation as an official entity of the cryptocurrency.

“Some media outlets keep framing the foundation as an official entity of dogecoin, which is not true at all. The foundation is an independent organization working on solutions for the meme coin ecosystem,” Mishaboar wrote.

Mishaboar reiterated that Dogecoin is a decentralized project that operates on a consensus-based system.

“It should be clear to everyone by now that there is no single entity in control of dogecoin. This is a crucial value which distinguishes the coin from most other popular cryptos. You can build yourself whatever you want, if you want to. Heck, you can create your own ‘foundation,'” he added.

The lead developer stated that while any development efforts are welcome, they should be inserted in a context where Dogecoin is a decentralized project based on consensus.

“All good initiatives ultimately get integrated into the ecosystem one way or another, if they're useful and beneficial for the community. This is how dogecoin grows and evolves,” Mishaμποαρ wrote.

Dogecoin Price Action: At the time of writing on Monday morning, Dogecoin traded at $0.12, down less than 1% over the past 24 hours. Over the past seven days, DOGE realized a gain of 7.5%.

According to technical analysis, Dogecoin has been forming a falling wedge pattern on the daily chart. This pattern is usually considered bullish and suggests a potential breakout from the downtrend.

The apex of the falling wedge is forming on the daily chart, and a breakout from the upper trendline could signal a strong bullish move.

If the token breaks out bullishly from the falling wedge, the target for this breakout is around $0.15, which represents a significant upside from the current price level.

Investors and traders should closely monitor the price action and RSI [Relative Strength Index] to identify potential breakout signals. A combination of a breakout from the falling wedge and a positive RSI reading could strengthen the bullish case for Dogecoin.