A new Dogecoin alternative on Ethereum, Dogecoin20 (codename: DOGE20) surged by more than 1,00% in less than an hour after landing on the leading decentralized exchange (DEX) Uniswap.
This frenzy of buying activity is largely driven by anticipation for April 20, 2024, a date marked by the cryptocurrency community as Bitcoin Halving Day and International Dogecoin Day.
The launch of Dogecoin20 began at 10:00 UTC. The ICO campaign lasted throughout March and raised over $10 million. It was initially scheduled to end on Saturday, April 20, but due to the scale of demand and the strategic appeal of Dogecoin Day, the team ended the ICO campaign early.
April 20 was chosen by the Dogecoin community as International Dogecoin Day because of its association with the number “420.” The self-proclaimed “Doge Army” considers the day fun and eclectic, just like their favorite coin. It is also the day when investors are most likely to buy dog-related meme coins to chase the market’s gains.
However, with so many dog-related meme coins on the market, investors will be looking for other projects this year. Dogecoin20 offers a cleaner, greener, and more useful token than its namesake, the classic Dogecoin (DOGE).
Get ready for the ultimate
#DOGE
Upgrade! ️
We are bringing @elonmusk
The favorite
#Memecoin
Pushing towards greener horizons.
Explore Mortgage
#DOGE20
and the possibility of receiving environmental incentives.
pic.twitter.com/zMino37jCV
— Dogecoin20 (@DOGE_COIN20)
March 22, 2024
About 45 minutes after landing on Uniswap, the price of DOGE20 surged by 101% to $0.0003632. Although some profit-taking by early investors caused the price to fall back, it is still above the issue price and is consolidating in preparation for further gains.
Dogecoin20 is Dogecoin on Ethereum. The "20" in the token's name refers to the ERC-20 token standard, which enables smart contracts to be coded on Ethereum, making possible the diverse decentralized finance (DeFi) applications and use cases we see on the network today.
Other notable ERC-20 tokens include competitors like SHIB and FLOKI, utility tokens for DEXs like Uniswap (UNI), or tokens for Layer 2 solutions like Polygon (MATIC) and Chainlink (LINK). All of these projects take advantage of the versatility of the so-called Ethereum Virtual Machine.
Compared to Dogecoin, Dogecoin20 is cheaper, faster and more environmentally friendly to use on Ethereum. This is because Ethereum uses an efficient Proof of Stake (PoS) consensus mechanism, where miners with the largest stake verify the most transactions and receive the most mining rewards.
The original Dogecoin used the older technology that powers Bitcoin: Proof of Work (PoW), where miners with the most computing power/hardware verify the most transactions.
In August 2023, Ethereum will process
1 million transactions
By comparison, Bitcoin processed just 550,000 transactions for the entire month.
Half of the DOGE20 token supply is locked in collateral. Dogecoin20 takes full advantage of the DeFi capabilities of the more environmentally friendly Ethereum by providing a collateral mechanism. Simply locking DOGE20 in the collateral pool can earn an annualized yield of 41%, which is an important benefit for holders looking for passive income.
With nearly 70 billion tokens already staked and counting, this shows the commitment of the Dogecoin20 community to building a solid foundation for the token. A large portion of tokens locked in stake usually means that most holders are holding on for the long term.
The total supply of DOGE20 is set at 140 billion to ensure DOGE20 scarcity and increase in value. The current market cap is very low, less than $30 million (compared to Dogecoin's $21 billion), and more than $1 million in liquidity has been locked on Uniswap to ensure smooth high-volume trading.
If you have FOMO (fear of missing out), then Saturday’s International Dogecoin Day might be your last chance to buy in low. Trade Dogecoin20 on Uniswap and visit the website to learn more.
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