A new Ethereum-based Dogecoin alternative, Dogecoin20 (ticker: DOGE20) rallied over 100% less than an hour after landing on leading decentralized exchange (DEX) Uniswap.
The frantic buying activity was driven largely by anticipation for Saturday, April 20, 2024, a day earmarked by the crypto community because it’s both the day of the Bitcoin halving and International Doge Day.
The Dogecoin20 claim went live at 10AM UTC. The ICO ran throughout March and took in over $10 million. It was originally scheduled to end on Saturday, April 20, but the team concluded it early due to the scale of the demand, and the strategic allure of Doge Day.
The Dogecoin community selected April 20 for its associations with 4/20.
The self-styled “Doge Army” consider the day fun and irreverent, like their favorite coin. It’s also a day when investors are most likely to purchase dog-related meme coins to ride the pump.
However, with so many dog-related meme coins on the market, degens will this year be looking into alternative projects that day. Dogecoin20 offers a cleaner, greener and more useful token than its namesake, the classic Dogecoin (DOGE).
About 45 minutes after landing on Uniswap, DOGE20’s price shot up 101% to hit 0.0003632 USD.
The token has since pulled back as early degens do a spot of profit-taking but is still trading above its launch price as it consolidates for the next leg higher.
Dogecoin20 is Dogecoin For Ethereum
The “20” in the token’s name refers to the ERC-20 token standard. ERC-20 is a set of Ethereum smart contracts that has opened up the extensive network of decentralized finance (DeFi) applications and use cases we see on the network today.
Other notable ERC-20 tokens include canine rivals like SHIB and FLOKI, utility tokens for DEXs like Uniswap (UNI), or Layer 2 solutions like Polygon (MATIC) and Chainlink (LINK). All of these projects utilize the versatility of the Ethereum Virtual Machine.
Being on Ethereum makes Dogecoin20 substantially cheaper, faster and greener to use than Dogecoin. That’s because Ethereum uses an energy-efficient Proof-of-Stake (PoS) consensus mechanism, whereby the miners with the biggest stake validate the most transactions and get the most mining rewards.
The original Dogecoin utilizes the older tech that powers Bitcoin: Proof-of-Work (PoW), in which the miners with the most power/hardware validate the most transactions.
Back in August 2023, Ethereum was processing one million transactions per day. By comparison, Bitcoin processed 550,000 transactions for that entire month.
Half the DOGE20 Supply Locked in Staking
Dogecoin20 is taking full advantage of the greener Ethereum’s DeFi capabilities by offering a staking mechanism that currently yields 41% APY simply for locking up DOGE20 in the staking pool, a significant perk for holders looking for passive income.
With nearly 70 billion tokens already staked, and rising, the Dogecoin20 is forming a solid foundation for the token. A high percentage of tokens locked up in staking usually indicates that most ‘hodlers’ are there for the long term.
There is a total supply cap of 140 billion tokens to keep DOGE20 scarce and add value. At the time of writing it has a very low market cap less than $30 million (compared with Dogecoin’s $21 billion) and more than $1 million in liquidity has been locked on Uniswap to ensure smooth, high-volume trading.
Got FOMO? With Doge Day on Saturday, it may be your last chance to buy low. Trade Dogecoin20 on Uniswap and visit the website to find out more.
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