- The Dogecoin Foundation, which was founded by the token’s inventors, is one of several organizations that have applied to trademark the term
- Dogecoin is well-known among cryptocurrency enthusiasts and others
- Dogecoin is now involved in a trademark dispute over its name
Dogecoin is well-known among cryptocurrency enthusiasts and others. Even more so after Elon Musk repeatedly praised it on Twitter. In the crypto community, Musk is regarded as the Dogefather for his support of Dogecoin, which began as a meme currency. While Dogecoin was originally confined to the computer world, the token’s spectacular rise has piqued the interest of even those who are unfamiliar with cryptocurrencies. Dogecoin is now involved in a trademark dispute over its name. The token, which was first created in 2013 and is based on the ubiquitous meme of a Shiba Inu dog named Doge, has increased by 8,414.30 percent in the last year despite being only a third of its peak price in May.
What is the nature of the trademark dispute?
The Dogecoin Foundation, a non-profit organization founded by the inventors of the original token in Denver, Colorado, has applied to trademark the name. While the token’s creators, Billy Markus and Jackson Palmer, have left the cryptocurrency field disillusioned, other individuals who helped design the token remain part of the foundation.
The foundation isn’t the only one that claims ownership of the Dogecoin trademark. Applicants wanting to control the Dogecoin trademark have submitted at least a half-dozen documents with the US Patent and Trademark Office.
The nonprofit had been dormant for years before being resurrected in August to provide lobbying and support for the cryptocurrency. Jared Birchall, a close acquaintance and representative of tech tycoon Elon Musk, and Ethereum co-founder Vitalik Buterin were also on the board.
The foundation announced that they are here to help speed the development effort by sponsoring existing and future Dogecoin Core and Developers to work full-time on the project, as well as offering a welcoming landing for new contributors seeking to contribute to the project.
Who are the participants in the race?
Many have questioned the decision to trademark a brand after eight years, with detractors claiming that the foundation was only re-established when Dogecoin became one of the top five cryptocurrencies. Many people have profited from the Dogecoin brand by keeping it alive even though the original foundation is no longer active. Moon Rabbit AngoZaibatsu LLC, situated in the Cook Islands, is one such company that has applied for the Dogecoin trademark.
Angel Versitti, Founder of Moon Rabbit AngoZaibatsu, stated that they are not doing it maliciously. They assumed it had been abandoned and that it required immediate assistance. They’re not going to change their minds just because the large child returned to the playground.
Others have said that trying to trademark anything that is essentially a copy is at best ironic. Many tokens are formed because of changes in existing technology, as many cryptocurrencies have much of their code exposed for consumers to examine for security.
Dogecoin was created from the Luckycoin altcoin, which was based on Litecoin, a big altcoin. Litecoin, on the other hand, is descended from the first cryptocurrency Bitcoin, whose code it bore. Dogecoin’s name was influenced by both the Doge meme and Bitcoin’s name.