Piggybacking on the recent hype of meme token, Dogecoin, a spin-off termed Dogecoin 2.0 (DOGE2.0) has emerged, giving rise to concerns about misrepresentation. Owing to the similarity in both names, Dogecoin Foundation is clamoring for a name change. According to reports, the foundation is likely to institute legal actions against the team behind the spin-off.
The Dogecoin Foundation has also dissociated itself from the spin-off token, claiming it is not behind the project. In a published letter, the foundation also stated that it has notified brand protection lawyers to advise the developers of Dogecoin 2.0 to protect the original Dogecoin community and millions of Dogecoin investors around the world from being misled.
Numerous Meme Tokens Adopt Dogecoin’s Name
Dogecoin has quite a plethora of spin-offs such as the DogeToken, UnderDog. The latest does not seem like a spin-off because it passes itself off as the original Doge or being an idea of the foundation, perhaps to create an improved version. Dogecoin and all of its spin-offs are themed after the Japanese dog breed, Shiba Inu.
Interestingly, dogecoin 2.0’s website throws a swipe at the original Doge and claims to provide investors with more attractive perks which include growth and a better tokenomics framework compared to the latter.
Dogecoin Foundation has expressed the concerns of community members stating the supposed spin-off is likely to confuse investors due to the similarity in both names. The foundation added that the latest spin-off is riding on the popularity of the original token, which garnered momentum earlier this year. Before its massive leap, thanks to Elon Musk, Dogecoin was far below its current all-time high- $0.73.
Dogecoin 2.0 launched in May on Binance Smart Chain, at the height of the rave in decentralized finance that also saw the emergence of other meme tokens. For a meme token, DOGE2.0 has performed well gaining by 100% on Thursday with daily trading volume of just below $100,000. Dogecoin 2.0 rose to an all-time high of $0.04.
Vitalik Buterin and Elon Musk to Play Advisory Role on Dogecoin Foundation
The defense from the Dogecoin foundation comes on the heels of the foundation’s reconstitution a few weeks ago after being off the grid for almost 10 years ago. The team running the foundation comprises Dogecoin creators Billy Markus and Jackson Palmer. Ethereum founder, Vitalik Buterin is a new member of the foundation who will play an advisory role in the team. Elon Musk is duly represented by a delegate in the team as well because much of Dogecoin’s growth draws from the billionaire’s efforts.
Meanwhile, Dogecoin’s network recently got an upgrade reportedly geared towards fee reduction and transaction throughput. Among its spin-offs, the Shiba token is Dogecoin’s closest rival, with a market value of $3.64 billion. Benefiting from Dogecoin’s hype back in May, Shiba got listings on plenty of exchanges including leading cryptocurrency exchange, Binance, on which it is trading at 0.00000737 as of press time having gained 3.51% on the day.