A new version of the Dogecoin Foundation has been established as the community tries to regain the enthusiasm and generosity which marked it out amongst the hundreds of other cryptocurrencies.

In the last month or so the dogecoin community, which to this point has been best known for its humour, generosity and enthusiasm, has been hit with a number of issues including a public spat over the doge trademark, the fear of a possible 51% attack and the departure of the cryptocurrency's founder from the community.

Amidst all this turmoil, the value of the cryptocurrency took a dive and interest on hugely-popular dogecoin subreddit waned significantly.

Amidst all this turmoil, a group of dogecoin enthusiasts took it upon themselves to create a new Dogecoin Foundation and this was launched on Tuesday along with a new website, a temporary board of directors and a new sense of hope for the meme-based cryptocurrency.

Purpose

According to Article 1 of the new group's bylaws, the purpose of the Foundation is "to facilitate the use of dogecoin through goodwill, promotional, and charitable endeavours. It works to ensure the continued prospering of the worldwide Dogecoin Community and to empower people around the globe by spreading a spirit of camaraderie and playful discovery."

Jackson Palmer, one of the creators of dogecoin, had left the community just last week following a public spat with Alex Green, creator of Moolah, a digital currency exchange which specialised in dogecoin.

On Tuesday however Palmer commented on the announcement of the new Foundation positively, saying: "I hereby endorse this message. Thanks for running with this everyone, can't wait to see how it turns out! To the moon."

Widely welcomed

Along with Palmer, two other members of the disbanded original Foundation - Ben Doernberg and Eric Nakagawa - also left the community. However Nakagawa announced over the weekend that he was looking to get back involved with the community following the creation of the new Foundation.

The announcement of the creation of the new Dogecoin Foundation was widely welcomed on Reddit on Tuesday, with the first group of five temporary board members also announced: Felix von Drigalski, Jens Wiechers, Steven Hirschmann, Josh Mohland and Debbie Ballard.

The official announcement said the group had been working for the past month on putting together the framework for the new Foundation and that the group will be posting online a roadmap of what they will be working on, in order to keep everyone informed.

In the last two months the value of dogecoin has more than halved from a high of over $50 million (£29.2m) to its value today of just $22.5m and it seems as if the announcement of the new Foundation has now had a positive impact on the price, with the cryptocurrency down more than 7% in the last 24 hours.