The meteoric rise in the price of Dogecoin, a meme-inspired cryptocurrency, has prompted the creation of a slew of other “crypto dog” tokens in the hopes of achieving a similar result.
While the majority of these projects failed due to a lack of exposure and liquidity, a few seem to be making waves and attracting the attention of the crypto community.
Dogecoin 2.0 (DOGE2), a Dogecoin fork that debuted on the Binance Smart Chain Network in May, has recently gotten a lot of attention. DOGE2’s value has risen dramatically as a result of its inclusion on several major cryptocurrency exchanges.
The Dogecoin Foundation has issued a cautionary statement.
The Dogecoin Foundation, on the other hand, is not pleased, and has issued a strong warning against DOGE 2.0.
The Dogecoin Foundation, as defined by top cryptocurrency and fintech figures such as Vitalik Buterin and Elon Musk, is an organization that provides support for core developers and projects working on Dogecoin.
DOGE2 is unrelated to Dogecoin, according to the Foundation. It was noted that the similarity in the names of these two crypto projects will cause a lot of confusion among Dogecoin investors and, as a result, tarnish Dogecoin’s reputation if the DOGE2 project has any major issues.
As a result, the Foundation has asked DOGE2 developers to change the project’s name to avoid confusion with the original Dogecoin project.
“We hope that their development team will choose a new name for their project that does not infringe on the Dogecoin project’s rights and reputation in response to our reasonable request, and we look forward to any innovations they may make in their future endeavors,” the Foundation wrote.
In just 24 hours, DOGE2 has increased by 300 percent.
Despite the Dogecoin Foundation’s stern warnings, the price of DOGE2 has continued to rise as more investors join the project.
According to CoinGecko, the digital asset’s price has risen by 300 percent in just 24 hours and is now trading at $0.064 per token. Nonetheless, the data aggregator shows that the token hit an all-time high of $0.016 in early August.