Ross Nicoll, a main developer for the Dogecoin Foundation, has revealed that he is stepping out from the project owing to being 'overwhelmed.'
Nicoll wrote in a letter dated February 16, 2022 that he is overburdened with stress and a potential conflict of interest. He speculated that the issue could arise because his day job employer is moving into the blockchain space.
However, Nicoll stated that he will continue as a Dogecoin advisor for the next 4 to 8 weeks in order to ensure a smooth transition.
Despite helping to Dogecoin's rise, Nicoll said the biggest source of concern was unknown third-party groups claiming to be the meme coin's core developers.
He mentioned that Dogecoin was being used to file multiple trademarks, which was the biggest challenge in 2021. Nicoll went on to say that the Dogecoin community should band together to prevent putting the foundation in legal jeopardy.
"The Foundation is functioning in an incredibly difficult climate, where simple tasks are substantially more complex than they should be at every step of the way," Nicoll said.
Dogecoin has been chastised for its lack of utility since its rise to fame last year. However, when investor interest grew, the developers decided to improve the network in order to increase adoption.
The switch to energy-efficient Proof-of-Stake technology is one of the most significant breakthroughs. Ethereum co-founder Vitalik Buterin stated that he is assisting the memecoin with the transition to PoS.
A study found that more countries are adopting Dogecoin, demonstrating the coin's appeal. As of December 2021, the United States was the world's most pro-Dogecoin country.
The coin is owned by around 31.6% of cryptocurrency holders in the United States. Australia is in second place with 29%, followed by Norway with 27.4%.