The Dogecoin Foundation has issued a warning to investors about a new cryptocurrency called “Dogecoin 2.0,” which they claim has no ties to them.
“While the Dogecoin Foundation welcomes newcomers to the crypto space, this project is unrelated to Dogecoin,” it stated.
They are concerned that users will be misled into believing that this offering is the original Dogecoin or is linked to them in some way.
To address the issue, the Foundation’s legal team has instructed the developers to change the name to something else.
According to the Foundation, this is necessary because the use of the name “Dogecoin 2.0” infringes on their rights and the brand’s reputation.
“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.”
DOGE is regarded as a cultural phenomenon.
Dogecoin was turning the concept of investing on its head in the run-up to its all-time high of $0.74 in May. This was a fundamentally flawed project that had grown in value by nearly 15,000 percent by that point. Furthermore, it accomplished this based on what appears to be nothing more than a meme, albeit a very likable meme. To put things in perspective, Dogecoin was once valued at $89 billion, making it larger than Audi, BP, and Dell. While things have slowed considerably since then, that achievement speaks volumes about Dogecoin’s cultural impact. Perhaps even emphasizing the importance of relatability and fun over fundamentals.
When it comes to “fair-weather crypto investors,” who haven’t put in the time or effort to level up, or don’t care to, there’s a strong case to be made for that.
In any case, the effect has resulted in a slew of imitators.
Only one Dogecoin exists.
Exploring crypto reference sites reveals a slew of dog-themed projects that are clearly attempting to emulate Dogecoin’s success, which it has had and may continue to have.
For example, there’s Dogelon Mars, Doge Token, DogeCash, DogeFi, Baby Doge, Dogemoon, and dozens more.
Shiba Inu is the most successful of these, with a market cap of $2.7 billion and a ranking of 50th on CoinMarketCap. However, it is not the original, as are all other doge-themed projects that followed Dogecoin.
On the Binance Smart Chain, Dogecoin 2.0 is a BEP-20 token. Unlike Dogecoin, it has a hard cap on its supply, which is set at 100,000,000 tokens. This is the basis of its application.
“Dogecoin 2.0 aims to provide investors with long-term growth through a much more sustainable tokenomics structure than its inflated predecessor.”
However, a review of its roadmap reveals plans for a DEX in October/November of this year. Surprisingly, the roadmap does not extend past 2021.