Dogecoin Foundation demands copycat meme coin ‘Dogecoin 2.0’ change its name

Fresh-faced meme coin Dogecoin 2.0 has ruffled the feathers of the Dogecoin Foundation with its name. The Dogecoin Foundation has issued a statement distancing itself from a new copycat project called Dogecoin 2.0 (DOGE2), firing off legal demands that the new meme coin change its name. In a letter published on Tuesday, the Dogecoin Foundation asserts it has engaged brand protection lawyers to contact Dogecoin 2.0’s developers in a bid to “protect the Dogecoin community from being misled and to protect the Dogecoin name from possible misuse.” Dogecoin 2.0’s website indirectly throws shade at the original canine-themed crypto, stating: “Dogecoin 2.0 aims to offer investors prolonged growth in utilizing a much more sustainable tokenomics structure than its somewhat inflated predecessor.” The Foundation’s letter states that Dogecoin ( DOGE ) enthusiasts, or “Shibes,” 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 its advantage. Dogecoin 2.0 was launched at the start of May on the Binance Smart Chain. 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 just weeks after the formal restoration of the Dogecoin Foundation after a six-year hiatus. 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. Related: Team officially reestablishes Dogecoin Foundation after 6 years Dogecoin has seen a huge rise in price and popularity since the start of 2021. According to CoinGecko, DOGE’s price peaked in May at an all-time high of $0.68, before shedding more than 73% of its value over the next two months to test a low of $0.18. DOGE is currently changing hands for roughly $0.30 after gaining 50% in August. 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.

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