Ross Nicoll, a Dogecoin core developer, has announced his intention to back away from the meme-based cryptocurrency.
His justifications? The coin-making process was too stressful for him, and he has no desire to be associated with a potential conflict of interest in the job. Dogecoin fell nearly 4% to $0.14 shortly after the news. For the uninformed, the Dogecoin Foundation is a not-for-profit organization dedicated to the growth of the meme coin. The foundation was re-formed in August after being created in 2014 but became inactive over time. Vitalik Buterin, the co-founder of Ethereum, is a consultant at 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 me for a period.” Nicoll stated in a LinkedIn message to CoinDesk that his resignation is “neither definitive nor 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.
Dogecoin Price Sluggish
At the time of publication, DOGE was trading lower alongside other major coins, as the global cryptocurrency market cap plunged 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 saw a decline in the value of risk assets as geopolitical tensions resurfaced and investors braced for upcoming interest rate hikes. United States President Joe Biden is likely to announce an executive order next week on the regulation of cryptocurrencies, which impacted mood as well.
The Musk Factor
Dogecoin’s success is inextricably linked to Tesla CEO Elon Musk’s enthusiasm for it. The billionaire first mentioned Dogecoin on Twitter in early 2021, sharing a Lion King DOGE meme. 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 appeared to lose interest in the ensuing months, and the price of DOGE has fallen more than 70% from its all-time high. Musk, though, retains control of Dogecoin, as rare tweets reveal.
Nicoll has been doing his darnedest to defend Dogecoin against trademark registrations by unaffiliated parties. Dogecoin’s evolution is in the hands of its “co-creators,” he said, “in a way that I do not have the mindset for.”