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- Dogecoin 2.0, a new meme coin, has ruffled the Dogecoin Foundation’s feathers with its moniker
- The Dogecoin Foundation has made a statement separating itself from Dogecoin 2.0, a new copycat initiative
- The Dogecoin Foundation claims to have hired brand protection lawyers to approach the developers of Dogecoin 2.0
Dogecoin 2.0, a new meme coin, has ruffled the Dogecoin Foundation’s feathers with its moniker. The Dogecoin Foundation has issued a statement separating itself from a new meme coin known as Dogecoin 2.0 (DOGE2), threatening legal action until the new meme coin changes its name.
Brand protection lawyers being hired to protect The Dogecoin Foundation
The Dogecoin Foundation claims in a letter dated August 31st that it has hired brand protection lawyers to approach Dogecoin 2.0’s developers in order to protect the Dogecoin community from being deceived and the Dogecoin name from being misused.
The website for Dogecoin 2.0 subtly criticizes the original canine-themed cryptocurrency, stating: Dogecoin 2.0 intends to provide investors with long-term growth through a far more sustainable tokenomics structure than its rather bloated predecessor.
According to the Foundation’s letter, Dogecoin fans, or Shibes, have expressed reservations about the new project. The Foundation accuses Dogecoin 2.0 of co-opting the Dogecoin brand and its reputation for profit, despite the fact that the community has always welcomed new crypto initiatives.
On the Binance Smart Chain Network, Dogecoin 2.0 was released at the beginning of May. DOGE2 is currently trading at $0.04, up more than 100% in less than a day on less than $100,000 in daily activity.
The Dogecoin Foundation will receive support from prominent crypto investors
The public announcement comes only weeks after the Dogecoin Foundation was formally restored after a six-year absence. The foundation, which has received support from prominent crypto heavyweights like Ethereum co-founder Vitalik Buterin and Tesla CEO Elon Musk, will fund core developers and initiatives working on Dogecoin.
Since the beginning of 2021, Dogecoin’s price and popularity have skyrocketed. DOGE’s price peaked in May at an all-time high of $0.68, then losing more than 73 percent of its value over the next two months to reach a low of $0.18, according to Coingecko. DOGE is currently trading at $0.30 after increasing over 50% in August.
DogeCash, UnderDog, and Doge Token are just a few of the canine-themed crypto tokens that have sprung out in response to Dogecoin’s recent popularity. According to CoinGecko, the most successful, Shiba Inu, has a market cap of $3.64 billion, making it the 46th-largest crypto asset.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
