Dogecoin [DOGE] Foundation handed its community an end-of-the-year gift as it announced a fund of $5 million DOGE to the ecosystem’s development fund. In the 31 December post, the foundation noted that the contribution was necessary to advance the ecosystem. 

The price of Dogecoin has dropped 13% over the last week, and has fallen 6% to just under $0.07 in the last 24 hours alone, as per CoinGecko data. 

The developers of Dogecoin (DOGE) have denied rumors that the network is immediately switching to proof-of-stake (PoS), saying that they are merely planning to release a proposal on the topic. The repudiation came on Dec. 29, from the Twitter account of Michi Lumin, Principal Engineer for the Dogecoin Foundation.

The Dogecoin price had recently faced intense selling pressure; however, over the last 48 hours, DOGE showed signs of recovery. At the moment, however, the meme coin was consolidating on its daily chart. In the past week, the Dogecoin price has slipped almost 4%.

MyDoge, a top self-custodial social Dogecoin wallet, has launched a feature that allows users to purchase their favorite gift cards directly on the app using their Dogecoin (DOGE) holdings. The developers recently included the feature in its latest app update, version 1.6.0, following an announcement last month from founder Alex Lewis.

Kabosu, the Shiba Inu dog behind the face of Dogecoin and the “doge” meme is in a “dangerous position” healthwise, according to her owner. In a Dec. 26 Instagram post that was then shared on Twitter, Atsuko Satō, a Japanese kindergarten teacher and Kabosu’s owner said the rescue dog was in a "dangerous" state, but assured her followers that she will “absolutely fine” and is “getting power from all over the world” (translated) from supporters. The news brought an outpouring of support from followers. One Twitter user sending well wishes offered to fully cover “any expenses needed to make sure she gets the best treatment.” (Cointelegraph)

According to WhaleStats, Dogecoin, also known as DOGE, became the most traded token among the top 100 Binance Coin (BNB) holders. On the way to this achievement, DOGE overtook Filecoin's token, FIL, which has been particularly popular with these investors in recent days.

After a tough week for Dogecoin (DOGE) investors, there was at least a small Christmas present from the European crypto exchange Bitstamp yesterday. The fifth-largest exchange by spot trading volume, according to recent data from CoinMarketCap, announced that it will list Dogecoin.

Meme token Dogecoin (DOGE) has recently experienced an extended sell-off in line with the general crypto market. The correction was extended early this week after Elon Musk announced that he would step down as the CEO of Twitter once he finds an ideal replacement.

Dogecoin is among one of the worst performers over the last 24-hours after Elon Musk confirmed he will resigned from the role of Twitter CEO.