Dogecoin Foundation demands copycat memecoin ‘Dogecoin 2.0’ change its name
The Dogecoin Foundation has issued a statement distancing itself from a new project claiming to be Dogecoin 2.0.
In the statement, Dogecoin Foundation asserts it has engaged brand protection lawyers to contact Dogecoin 2.0’s developers in a bid in order to protect the Dogecoin community from being misled and to protect the Dogecoin name from any kind of misuse.
The statement reads that Dogecoin enthusiasts have raised concerns about the new project. While the community has historically welcomed new crypto projects, the Foundation accuses Dogecoin 2.0 of co-opting the Dogecoin brand and reputation for advantage.
Dogecoin 2.0 was launched at the start of May on the Binance Smart Chain Network. DOGE2 is currently trading at $0.04 after gaining more than 100% in 24 hours with less than $100,000 worth of daily volume.
The public statement comes from the Foundation just weeks after the formal restoration. The foundation will support core developers and projects working on Dogecoin and has attracted support from leading crypto figures including Ethereum co-founder Vitalik Buterin and Tesla CEO Elon Musk.
A number of other canine-themed crypto tokens have emerged to cash in on Dogecoin’s recent hype, including DogeCash, UnderDog, and Doge Token. The most successful, Shiba Inu, has amassed a market cap of $3.64 billion to rank as the 46th-largest crypto asset according to CoinGecko.