Despite the initial warning from the Dogecoin Foundation, Dogecoin 2.0 (DOGE2) continues to receive attention and has increased more than 300% in the past 24 hours.
The rapid rise in the price of the meme-inspired cryptocurrency Dogecoin has resulted in many other versions of “doge” tokens being launched in hopes of producing similar effects.
While most of these projects have failed due to a lack of risk-taking and liquidity, some projects seem to be making waves and attracting the attention of the crypto community.
Dogecoin 2.0 (DOGE2) is a Dogecoin impersonator that was launched on the Binance Smart Chain network in early May and has seen a lot of hype lately. Due to its listing on several leading cryptocurrency exchanges, the price of DOGE2 has increased.
DOGE2 Gains 300% in 24 Hours
Despite the Dogecoin Foundation’s stern warning, the price of DOGE2 continues to rise as more and more investors join the project.
According to CoinGecko, the price of digital assets has increased 300% in just 24 hours and is currently priced at $0.064 per token. Coingecko also showed that the token hit a record high of over $0.016 in early August.
Dogecoin Foundation Issues Warning
The Dogecoin Foundation was not happy with this recent surge and warned against DOGE 2.0.
The Dogecoin Foundation is an organization that supports core developers and projects working on Dogecoin through top cryptocurrency and fintech figures including Vitalik Buterin and Elon Musk.
The foundation pointed out that DOGE2 has no connection to Dogecoin. It indicated that the similarity of the names of these two different encryption projects will create a lot of confusion among Dogecoin investors, and if the DOGE2 project has bigger problems, its name will be corrupted as well.
Therefore, the foundation is asking DOGE2 developers to change the project name to avoid confusion 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.