Dogecoin shows its fangs and attacks a plagiarist 2.0 which explodes by 300 Percent
September 8, 2021 10:41 AM
The meteoric rise of the cryptocurrency in the Shiba Inu, Dogecoin, has attracted much emulation, not surprisingly as the Doge has far outperformed Bitcoin (BTC) over the same period. During the month of May 2021, we have witnessed a real proliferation of canine shitcoins. One of the most popular of these was the Shiba Inu (SHIB). The initiators of the project donated part of SHIB's total supply to Vitalik Butterin, who himself donated them to the COVID-Crypto Relief Fund. However, the fund is struggling to resell these illiquid shitcoins. The best jokes being the shorter ones, the Dogecoin Foundation decided to try to put some order in the kennel!
Dogecoin Foundation issues warning
Dogecoin 2.0 (DOGE2) is a copy of Dogecoin which launched on the Binance Smart Chain in May. The legendary Doge's imitator had gone relatively unnoticed until now. However, the resurrection of the Dogecoin Foundation is a game-changer.
After several years of media silence, the Dogecoin Foundation returns to support developers. The foundation announced on August 17 its return to the cryptosphere with a new advisory committee, made up of big names in the ecosystem. Indeed, advisors include Jared Birchall, CEO of Neuralink and representative of Elon Musk, as well as Vitalik Butterin. As a reminder, the Dogecoin Foundation is a non-profit organization that supports developers linked to the project.
List of Dogecoin Foundation advisers - Source: Dogecoin Foundation
The Foundation points out that DOGE2 is in no way affiliated with Dogecoin. She noted that the similarities between the names of the two projects can be confusing for investors. Moreover, if the DOGE2 project encountered major problems, it would necessarily tarnish the image of the original Doge.
In a letter published on August 31, the Dogecoin Foundation claims to have hired lawyers specializing in trademark law, in order to protect the Dogecoin community. In addition, the Foundation asked the developers of DOGE2 to change the name of the project:
“We hope that our reasonable request will allow their development team to choose a new name for their project that does not infringe on the rights and reputation of the Dogecoin project, and we look forward to any innovation they may introduce into their projects. future projects. "
Dogecoin Foundation press release
Traders don't care, Dogecoin 2.0 appreciates 300%
Dogecoin 2.0 was launched in early May on Binance's Smart Chain network. Currently, the DOGE2 is trading around $ 0.06 after appreciating over 300% in a few days. For now, the only effect of the Dogecoin Foundation publication has been to advertise its rival.
Indeed, as you can see above, the volumes traded in DOGE2 were tiny, until publication! After the releases, it seems that DOGE2 has aroused the curiosity of amateur dog shitcoin traders. Dogecoin 2.0 was therefore quickly propelled from $ 0.02 to $ 0.06 despite the low volumes (around $ 100,000 in 24 hours).