His reasons? He found the coin-making process too stressful and does not want to be involved in a conflict of interests.
Shortly after the news, Dogecoin dropped nearly 4% to 0.14.
The Dogecoin Foundation, a non-profit organization that promotes the growth of the meme coin, is for the uninformed.
After being established in 2014, the foundation was reconstituted in August. However, it became inactive over time.
Vitalik Buterin is a consultant at DF.
Goodbye, Dogecoin Core Developer Role
Nicoll wrote in a blog Thursday that he was “stepping aside” from Dogecoin due to a number of reasons.
He said that the stress is too much and that he needed to “take a break to concentrate on himself for a while.”
Nicoll said in a LinkedIn message that he was resigning “neither definitively nor immediately.”
“I want it to be crystal clear that this is a change in role, and there will be some transition time. He pointed out that he was not going to disappear suddenly.
Dogecoin Price Sluggish
DOGE was trading lower than other major coins at the time of publication as the global cryptocurrency market cap fell 5.5% to $1.86 Trillion.
Dogecoin founder Billy Markus appealed to his followers to be calm despite the fact that the cryptocurrency had struggled to gain traction over the past month.
Markus warned members of DOGE to refrain from being “toxic, insane, and attacky” in a tweet. This could lead to brand destruction.
Friday’s decline in risk assets was due to geopolitical tensions and investors anticipating future interest rate increases.
Next week, Joe Biden, the United States President, will likely announce an executive order on regulation of cryptocurrency. This has also impacted mood.
The Musk Factor
Dogecoin’s success can be attributed to Tesla CEO Elon Musk’s enthusiasm.
In early 2021, a billionaire shared a meme about a Lion King DOGE meme and first mentioned Dogecoin via Twitter.
This caused a wild DOGE rise, punctuated with temporary drops, culminating in Musk’s appearance Saturday Night Live.
DOGE crashed following Musk’s SNL performance. He had promised to increase its price, but it collapsed.
Musk seemed to lose interest over the following months. DOGE’s price has fallen by more than 70% since its peak.
Musk retains however control over Dogecoin as revealed by rare tweets.
DOGE Protection
Nicoll has done his best to defend Dogecoin from trademark registrations by non-affiliated parties.
Dogecoin’s development is in the hands its “co-creators,” said he.
