The meteoric rise in the price of the meme-inspired cryptocurrency, Dogecoin, has prompted many other versions of “crypto dog” tokens with the hope of getting a similar effect.
While most of these projects have experienced failures due to lack of exposure and liquidity, some appear to be making waves and drawing the attention of the crypto community.
Dogecoin 2.0 (DOGE2), a Dogecoin copycat that was launched on the Binance Smart Chain Network earlier in May, has seen a lot of hype recently. The price of DOGE2 has skyrocketed due to its listing on several top crypto exchanges.
Dogecoin Foundation Issues Warning
But the Dogecoin Foundation is not happy about it and has issued a stern warning against DOGE 2.0.
For clarity, the Dogecoin Foundation is an organization that provides support for core developers and projects working on Dogecoin through top cryptocurrency and fintech figures, including Vitalik Buterin and Elon Musk.
The Foundation noted that DOGE2 is in no way affiliated with Dogecoin. It noted that the similarities in the names of these two different crypto projects will create a lot of confusion among Dogecoin investors and subsequently tarnish its name if the DOGE2 project happens to have any major issues.
As a result, the Foundation requested that DOGE2 developers change the project’s name so that it will no longer be confused with the original Dogecoin project.
“We hope our reasonable request will see their development team select a new name for their project which does not infringe on the rights and reputation of the Dogecoin project, and we look forward to any innovations they may make in their future endeavors,” the Foundation wrote.
DOGE2 Gains 300% in 24 Hours
Despite the stern warnings given by the Dogecoin Foundation, the price of DOGE2 has continued to soar as more investors jump aboard the project.
In just 24 hours, the digital asset’s price has surged by a whopping 300% and is currently changing hands at a price of $0.064 per token, according to from CoinGecko. Nevertheless, the data aggregator also shows that the token reached an all-time high in early August of over $0.016.