Much copy, so deceive: Dogecoin Foundation warns of “Dogecoin 2.0” crypto project


The Dogecoin Foundation has issued a warning to investors over “Dogecoin 2.0,” which they say has no affiliation with them.

“The Dogecoin Foundation welcomes newcomers to the crypto space but this project has no connection to or relationship with Dogecoin,” it said.

How To Get Free Crypto  

They express concern that users may be misled into believing this offering is the original Dogecoin or is, in some way, connected to them.

To counteract the problem, the Foundation has instructed its legal team to request the developers change the name to something else.

The Foundation claims this is necessary because the use of the name “Dogecoin 2.0” infringes their rights and the reputation of the brand.

“We hope our reasonable request will see their development team select a new name for their project which does not infringe on the rights and reputation of the Dogecoin project, and we look forward to any innovations they may make in their future endeavours.”

DOGE is a cultural phenomenon

In the run-up to its all-time high of $0.74 in May, Dogecoin was turning the concept of investing on its head.

Coinbase Banner  

Here was a fundamentally flawed project that had grown almost 15,000% in value at that point. What’s more, it achieved this on seemingly nothing more than a meme, albeit a very likable meme.

To put some perspective on matters, at its peak, Dogecoin was valued at $89 billion, making it bigger than Audi, BP, and Dell.

While things have tailed off significantly since then, that achievement alone speaks volumes about the cultural impact of Dogecoin. Perhaps even pointing to relatability and fun as more important than fundamentals.

Certainly, a strong argument for that could be made when considering “fair-weather crypto investors,” who perhaps haven’t taken the time or effort to level up, nor do they care to.

FreeBitcoin Banner  

In any case, the effect of this has spawned a litany of copy dogs.

There’s only one Dogecoin

Trawling through crypto reference sites shows many dog-inspired projects, which are clearly trying to emulate Dogecoin, and the success it had and may continue to have.

For example, there’s Dogelon Mars, Doge Token, DogeCash, DogeFi, Baby Doge, Dogemoon, and on and on with literally hundreds of such offerings.

The most successful of these is Shiba Inu, which is currently ranked 50th on CoinMarketCap, with a valuation of $2.7 billion. But, like all other doge-themed projects that followed Dogecoin, it’s not the original.

Dogecoin 2.0 is a BEP-20 token running on the Binance Smart Chain. Unlike Dogecoin, it has a hard-capped supply at a relatively low 100,000,000 tokens. This forms the basis of its use case.

“Dogecoin 2.0 aims to offer investors prolonged growth in utilizing a much more sustainable tokenomics structure than its somewhat inflated predecessor.”

However, analysis of its roadmap shows plans for a DEX, scheduled for October/November this year. Interestingly, the roadmap does not go beyond 2021.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Samuel Wan

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.