Dogecoin 2.0 continues to gain traction and has gained over 300% in the last 24 hours, despite warnings from the original Dogecoin Foundation.
The meteoric rise in the price of the meme-inspired cryptocurrency Dogecoin has spawned many other versions of “crypto dog” tokens with the hope of achieving a similar effect.
While most of these projects have failed due to lack of exposure and liquidity, some appear to be stirring and catching the attention of the crypto community.
Dogecoin 2.0 (DOGE2), a copy of Dogecoin that was released on the Binance Smart Chain Network in early May, has been very successful recently. DOGE2’s price skyrocketed due to its listing on several major cryptocurrency exchanges.
Dogecoin Foundation Alerts
The Dogecoin Foundation is not happy with this situation and has issued a severe warning against DOGE 2.0.
For clarity, the Dogecoin Foundation is an organization that provides support to key developers and projects working at Dogecoin through cryptocurrency and fintech figures, including Vitalik Buterin and Elon Musk.
The Foundation noted that DOGE2 is in no way associated with Dogecoin. He noted that the similarities in the names of these two different crypto projects will create a lot of confusion among Dogecoin investors and will later tarnish its name if the DOGE2 project runs into any major problems.
As a result, the Foundation asked the DOGE2 developers to change the project name so that it would no longer be confused with the original Dogecoin project.
“We hope our reasonable request will see your development team select a new name for their project that does not infringe on the Dogecoin project’s rights and reputation, and we look forward to any innovations they may make in their future endeavors,” the Foundation wrote.
DOGE2 earns 300% in 24 hours
Despite stern warnings given by the Dogecoin Foundation, the price of DOGE2 has continued to rise as more investors embark on the project.
In just 24 hours, the price of the digital asset has risen an incredible 300% and is currently changing hands at a price of $0.064 per token, according to CoinGecko. However, the data aggregator also shows that the token hit an all-time high in early August of more than $0.016.