Dogecoin 2.0, a new memecoin with a fresh look, has ruffled the feathers of the Dogecoin Foundation with its choice of moniker.
After issuing a statement expressing its distaste for a new copycat project known as Dogecoin 2.0 (DOGE2), the Dogecoin Foundation filed a lawsuit demanding that the new memecoin alter its name to Dogecoin (DOGE).
In a letter published on August 31st, the Dogecoin Foundation claims that it has hired brand protection attorneys to approach the developers of Dogecoin 2.0 in an effort to “protect the Dogecoin community from being misled and to protect the Dogecoin name from possible misuse.”
Dogecoin 2.0’s website makes a subtle dig at the original canine-themed cryptocurrency, noting that it is:
“Dogecoin 2.0 aims to offer investors prolonged growth in utilizing a much more sustainable tokenomics structure than its somewhat inflated predecessor.”
According to the Foundation’s letter, Dogecoin aficionados, often known as “Shibes,” have expressed their reservations about the new project. While the cryptocurrency community has traditionally welcomed new initiatives, the Dogecoin Foundation accuses Dogecoin 2.0 of taking advantage of the Dogecoin brand and reputation for its own gain.
In early May, Dogecoin 2.0 was released on the Binance Smart Chain Network, which is a decentralized blockchain network. In the last 24 hours, DOGE2 has gained more than 100% in value, with daily trading volume of less than $100,000. The stock is currently trading at $0.04, having gained more than 100% in value in 24 hours.
The public announcement comes just a few weeks after the Dogecoin Foundation was formally reinstated after a six-year break was announced. The foundation will provide support to core developers and initiatives that are involved with Dogecoin.
It has received backing from prominent cryptocurrency leaders like as Ethereum co-founder Vitalik Buterin and Tesla CEO Elon Musk, among others.
Since the beginning of the year 2021, Dogecoin’s price and popularity have skyrocketed tremendously.
In May, DOGE’s price reached an all-time high of $0.68 before plummeting by more than 73 percent over the next two months to touch a low of $0.18, according to data from Coingecko. DOGE is presently trading for approximately $0.30 per share, following a 50 percent increase in value over the month of August.
Several more canine-themed cryptocurrency tokens have sprung up in recent months to cash in on Dogecoin’s recent popularity, including DogeCash, UnderDog, and Doge Token.
According to CoinGecko, the most successful cryptocurrency, Shiba Inu, has gathered a market capitalization of $3.64 billion, ranking it as the 46th largest cryptocurrency asset.
