A relatively fresh-faced and young meme coin that has made its entrance in the market very recently, has been facing a severe backlash from the popular and famous Dogecoin Foundation and the reason for this backlash is that the newly launched memecoin has named itself as ‘Dogecoin 2.0’. Owing to this strange and rather deliberate similarity, the Dogecoin Foundation has demanded that the memecoin has to change its name if they wish to continue operations in the market, because needless to say, they do not bear any resemblance to nor any connection with the popular cryptocurrency.
In due course of events following this incident, the Dogecoin Foundation has released an official statement that basically states that the Foundation is clearly incumbent on maintaining adequate distance from this copycat project named ‘Dogecoin 2.0’ that has recently been launched in the market and the Dogecoin Foundation is persistently firing off legal demands stating that the copycat project in the form of this new meme coin will have to change their name if they are willing to coexist in the crypto ecosystem.
In a letter that was published on the 31st of August, the Dogecoin Foundation has asserted that after having observed this incident, they have contacted lawyers who specialize on brand protection and has engaged them to contact the team of developers of Dogecoin 2.0 in a bid to make sure that the entire community of Dogecoin is protected from being misled and also to make sure that the very name of the company is protected against any possible misuse or abuse.
On the website of the Dogecoin 2.0 community, it can be seen that they have put up a post that indirectly throws a punch towards the Dogecoin community. The post states that the Dogecoin 2.0 is geared towards the objective of providing the investors with an assured and long-term growth rate by following a structure of tokenomics that is more sustainable than their ‘predecessor’ who are somewhat inflated in their opinion.
The letter from the Foundation on the other hand, clearly states that the enthusiasts of the Dogecoin community, who are also known as ‘Shibes’, have raised genuine concerns over the activities of the new copycat project. While it is true that the crypto community has welcomed the advent of new projects in the crypto ecosystem. But in this case, the Foundation has accused Dogecoin 2.0 of taking advantage of the brand reputation that they have created in the crypto community and also of co-opting the brand itself.
Dogecoin 2.0 was initially launched during the early days in the month of May on the Smart Chain Network of Binance. As of now, the cryptocurrency DOGE2 is trading at a rate of $0.04 after it has reportedly gained a surprising 100% only in the last 24 hours with a daily volume of less than $100,000.
It is only after a few weeks of the formal restoration project that took place after the Dogecoin Foundation had gone through a six-year hiatus that they decided to come out with the public statement. The Foundation has vowed to continue its support to the talented team of core developers and also to the projects that are ongoing on the Dogecoin network. They have even managed to attract support from some of the leading figures in the world of crypto, such as the CEO of Tesla and SpaceX, Elon Musk, and also the co-founder of Ethereum, Vitalik Buterin.
Ever since the year 2021 started, Dogecoin has witnessed tremendous growth and a rise in its prices. According to the statistics provided by none other than Coingecko, one of the biggest reporters of crypto affairs in the world, the prices for Dogecoin had reached their zenith during the month of May, when the cryptocurrency was trading at a rate of $0.68. This was right before the token had shed almost 70% of its value over the course of the following couple of months, and as a result, reached an incredibly low point of $0.18. As of now, DOGE is trading for an estimated value of roughly $0.30, following a solid 50% growth during the month of August.
There are a number of cryptocurrencies that have emerged very recently, which are also canine-themed, and clearly, they are trying to bank on the hype that has been created by Dogecoin. These coins include Doge Token, UnderDog, and DogeCash.
The most successful one out of all these is the Shiba Inu, which has garnered a market cap of around $3.4 billion, and according to Coingecko, it has ranked as the 46th largest cryptocurrency asset in the world.
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