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A new Ethereum-based alternative to Dogecoin, Dogecoin20 (ticker symbol: DOGE20), surged over 100% within less than an hour of landing on the leading decentralized exchange (DEX) Uniswap.
The frenzy of buying activity was primarily driven by anticipation for Saturday, April 20th, 2024, as designated by the crypto community, marking both Bitcoin Halving Day and International Doge Day.
Dogecoin20 went live at 10 a.m. UTC. The ICO lasted throughout March, raising over $10 million. Originally scheduled to end on Saturday, April 20th, the team concluded the event early due to the scale of demand and strategic allure of Governor's Day.
The Dogecoin community chose April 20th because of its association with 4/20.
Self-proclaimed governors find this day both amusing and irreverent, much like their favorite coin. It's also a day when investors are most likely to purchase meme coins related to dogs to stimulate growth.
However, with so many dog-related meme coins in the market, Dogecoin20 seeks to be an alternative project this year. Dogecoin20 offers a token that is cleaner, more environmentally friendly, and more useful than its namesake classic Dogecoin (DOGE).
Approximately 45 minutes after launching on Uniswap, DOGE20's price surged by 101% to $0.0003632.
Since then, the token has retraced as early Dogens took some profits, but with consolidation in anticipation of the next leg up, the token's trading price remains above its issuance price.
The "20" in the token's name refers to the ERC-20 token standard. ERC-20 is a set of Ethereum smart contracts that have paved the way for the wide array 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 such as Uniswap (UNI), or Layer 2 solutions like Polygon (MATIC) and Chainlink (LINK). All these projects leverage the versatility of the Ethereum Virtual Machine.
On Ethereum, Dogecoin20 is cheaper, faster, and more environmentally friendly than Dogecoin. This is because Ethereum uses the energy-efficient Proof of Stake (PoS) consensus mechanism, where miners with the most stake validate the most transactions and earn the most mining rewards.
The original Dogecoin utilized the old technology of Proof of Work (PoW), which powers Bitcoin, where miners with the most power/hardware validate the most transactions.
As early as August 2023, Ethereum was processing 1 million transactions per day. In comparison, Bitcoin processed 550,000 transactions for the entire month.
Dogecoin20 leverages Ethereum's more environmentally friendly DeFi capabilities, offering a staking mechanism that currently requires only locking DOGE20 in a staking pool to earn a 41% annual yield, a significant benefit for holders seeking passive income.
Nearly 70 billion tokens have been staked, with more continually being added, laying a solid foundation for the token. A high percentage of tokens locked in staking typically indicates a majority of "holders" are long-term.
With a total supply limit of 140 billion tokens to maintain scarcity and increase value, its market cap is currently very low, at less than $30 million (compared to Dogecoin's $21 billion market cap). Over $1 million in liquidity is locked on Uniswap to ensure smooth, high-volume trading. |
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Post time 30-4-2024 10:43:49
