The Dogecoin Foundation (DOGE) is planning to take legal action against Dogecoin 2.0.
According to the DOGE website,
“[We] welcome newcomers to the crypto space, but this [other] project has no connection to or relationship with Dogecoin. To protect the Dogecoin community from being misled and to protect the Dogecoin name from possible misuse, we have asked our brand protection lawyers to contact the developers of the ‘Dogecoin 2.0’ product.”
Dogecoin, which started as a joke in 2013, had a breakout year in 2021 with the help of celebrity endorsements and the power of memes. It is up over 6,000% year to date and is now the seventh biggest crypto asset in the world by market cap.
DOGE2 was created in April of this year, and the coin has surged from its original price of $0.000000009 to $0.069597 at time of writing.
Despite the similar names, there are distinct differences between the two projects. DOGE is inflationary with a proof-of-work blockchain protocol, which means miners are rewarded in Dogecoin for solving complex transactional equations, whereas DOGE2 has a limited supply and a proof-of-stake system, which greatly reduces energy consumption.
According to the Dogecoin 2.0 white paper, it is a decentralized finance (DeFi) token that operates on the Binance Smart Chain (BSC) network. Calling itself an “upgraded” version of DOGE, DOGE2 has a supply that will be capped at 100 million tokens compared to Dogecoin’s circulating supply of over 131 billion and an unspecified maximum supply, according to CoinMarketCap.
DOGE2 is not the first dog-themed memecoin to make waves, with Shiba Inu (SHIB) achieving a top-50 market cap ranking valued of $3.5 billion, at time of writing.
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