Shibes, we find ourselves at an impasse. We are within arm’s reach of having Elon freaking Musk fully support Dogecoin. The only obstacle, it seems, is the large concentration of coins held within a few whale wallets.
The conundrum is as follows:
- If the whales don’t sell or void their wallets, we risk losing Elon’s support and potentially returning to sub-penny levels.
- If we sell to drive the price down and pressure the whales, we risk creating new whales that will be attracted to the lower price.
- If we determine the identity of the largest whale, and it turns out to be an individual, we risk severe repercussions from doxxing an individual.
So, what can we do? The answer to this riddle might be right under our nose. As it turns out, Elon recently liked a tweet suggesting that whales should donate their coins to charity.
A community-run Dogecoin non-profit aligns perfectly with the spirit of Doge, and it could be the right vehicle to diversify Dogecoin’s current concentration as well as stabilize the coin. We’ve all been talking about wanting to help animal shelters across the country with our profits from Doge. This is the type of project that such a non-profit could accomplish.
This non-profit could also address another concern: until we see widespread adoption, the 15 million coins that are mined each day create continuous pressure that risks the coin’s stabilization. Our community non-profit can also form a collective mining pool that pledges all mined coins towards charitable projects selected by the people.
So what do we call this Dogecoin nonprofit? How about we call it GoodDoge? I’ve started a website to gather interest in this mission and would love to hear from the community about projects we can get started. With enough interest, we can form a 501(c)(3) and show the world the giving power of a coin backed by the people.
