Is It Safe To Trust Dogecoin 2.0?
Dogecoin (DOGE) has many extraordinary features, not least of which is that it was born out of a joke. Due to its success, there are now countless Dogecoin imitators in the cryptocurrency industry. From Shiba Inu (SHIB) to Baby DogeCoin (BabyDoge) to DogeCash (DOGEC), an almost never-ending list of Doge imitators has been formed. As a result, ordinary investors can easily find themselves easily overwhelmed by the number of “dog-like” tokens. So far, these imitators have not approached Dogecoin’s pedigree, but this does not prevent them from trying to imitate it. The recently established Dogecoin Foundation has had little effect on these imitators, despite recently issuing a warning to Dogecoin 2.0 (DOGE2).
When the Dogecoin 2.0 news broke, many people thought it was an upgraded version of Dogecoin, just like Ethereum 2.0. Unfortunately, as the Dogecoin Foundation has attempted to point out, Dogecoin 2.0 is not an upgraded version of Dogecoin at all, but an entirely separate project. It has its own whitepaper and is not listed on any mainstream cryptocurrency exchange like BigONE. This undoubtedly arouses suspicion and distrust of Dogecoin 2.0.
Any chance of dialogue between Dogecoin and Dogecoin 2.0?
The Dogecoin Foundation has asked the developers of the Dogecoin 2.0 project to choose a different name. The Dogecoin Foundation stated that: “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”.
From the results, it is clear that Dogecoin 2.0 does not consider this to be a reasonable requirement. The creator of the project, Lightcreator, wrote on Twitter: “After meeting with our legal team, we have determined that @DogecoinFdn has no standing. We will not be changing our name- we are now looking into offensive measures.” The next day, Lightcreator doubled down on their criticism, declared “war” against the Dogecoin Foundation, and called them “a group of establishment hypocrites who seem to have no problem hurting our thousands of innocent investors.” With the escalation of this dispute, attention on Dogecoin 2.0 has increased, and its price has also risen rapidly. Indeed, Lightcreator has posted numerous media reports gaining extra free recognition.
Dogecoin investors’ concerns
So far, Dogecoin’s story is a classic case of starting from scratch in the cryptocurrency industry. This joke-born cryptocurrency has entered the crypto mainstream with a top ten market value. DogeCoin is designed to imitate other cryptocurrencies to confuse critics and reward loyal ‘Shibes’ (Shibes refers to Dogecoin enthusiasts). Since the beginning of this year, the price of Dogecoin has risen by more than 6000%. Just a few weeks ago, this once joke coin seemed to have become a serious cryptocurrency. Dogecoin both reorganized its non-profit foundation and is committed to hiring full-time employees, setting up a headquarters, and countering those who attack its brand from all sides.
At the same time, Dogecoin is still undergoing technical upgrades to reduce fees and expand the scale of transactions. It also hopes to use its sheer popularity to make Dogecoin a payment method, thereby gaining traction. If it is successfully implemented, it will pose a real challenge to other cryptocurrencies. As a result, the foundation may redesign the future strategic direction of Dogecoin and provide it with new development goals.
However, since the announcement of the reorganization of the foundation, the price of Dogecoin has not changed much. This may be because it has already seen stratospheric growth and has now plateaued. But Dogecoin enthusiasts believe that this is a necessary part of the growth process for Dogecoin. Only time will tell if the lack of price improvement will be more worrying than Dogecoin being imitated.
Dogecoin will no longer be a weak cryptocurrency
For all Dogecoin 2.0 protests, it is not difficult to see why Dogecoin, would oppose the rival project’s name. Not only that, Dogecoin 2.0 is trying to gain public sympathy. In BigONE’s view, although Dogecoin 2.0 has caused controversy, it is also testing whether the new Dogecoin Foundation can deal with the influx of imitators.
While Dogecoin has successfully overcome many difficulties since its inception, its next challenge may be the most difficult to date. Since it is now part of the crypto mainstream, how to deal with some severe problems while maintaining its meme coin roots will be a question that Dogecoin needs to consider carefully.