Dogecoin20 surged over 100% upon its launch.

Ritu13

Dogecoin20 surged over 100% on Uniswap less than an hour after its launch.

DOGE20 spiked 101% to $0.0003632 shortly after landing on Uniswap for about 45 minutes. Subsequently, the token experienced a slight pullback due to profit-taking by early players but remained above its listing price as it consolidated for the next upward phase.

Dogecoin20 is Dogecoin on Ethereum.
The "20" in the token's name refers to the ERC-20 token standard, which enables the creation of smart contracts on Ethereum, paving the way for the plethora of decentralized finance (DeFi) applications and use cases we see on the network today.

Other notable ERC-20 tokens include canine competitors like SHIB and FLOKI, utility tokens for decentralized exchanges like Uniswap (UNI), or Layer 2 solutions like Polygon (MATIC) and Chainlink (LINK). All these projects leverage the versatility of the Ethereum Virtual Machine.

Using Ethereum makes Dogecoin20 cheaper, faster, and more environmentally friendly compared to Dogecoin. This is because Ethereum employs the efficient Proof of Stake (PoS) consensus mechanism, where miners with the most stake validate the most transactions and earn the most mining rewards.

In contrast, the original Dogecoin utilizes the older Proof of Work (PoW) technology underlying Bitcoin, where miners with the most computing power/hardware validate the most transactions.
In August 2023, Ethereum processed one million transactions per day. In comparison, Bitcoin processed only 550,000 transactions throughout the entire month.

Half of DOGE20's supply is locked in staking.
Dogecoin20 is leveraging Ethereum's greener DeFi capabilities by offering a staking mechanism, where currently, simply locking DOGE20 in a staking pool yields a 41% annualized return, a significant advantage for holders seeking passive income.

Nearly 700 billion tokens are currently staked, with the number increasing, indicating the Dogecoin20 community's commitment to building a solid foundation for the token. Most tokens being locked in staking pools typically mean that the majority of "holders" are long-term holders.

The total supply is 140 billion tokens, ensuring the scarcity of DOGE20 and increasing its value. Its market cap is currently very low, less than $30 million (compared to Dogecoin's $21 billion), and over $1 million in liquidity has been locked on Uniswap to ensure smooth, high-volume trading.

Sona59

There must be reasons for the surge as well.

Samiksha

I didn't expect it to surge this much either.

Iravan774

This surge is indeed quite significant.