New Doge Token Raised Nearly $300K in Less Than 24 Hours During Its Presale

We are in a golden age for meme coins as investors can't seem to get enough of the sector at the moment. There is so much money pouring in now that it has led to a bit of over-saturation. Investors need to pay a lot of attention to what projects are legitimate and which are just money grabs.

One interesting tactic some projects both in and out of the meme coin sector are employing lately is modeling a coin off a successful project but improving its weaknesses. The latest coin to try out this formula is Dogecoin20 (DOGE20). We all know the original Dogecoin has its flaws so this could turn out to be a good move by the project.

>>> Dogecoin20 Official Presale

Let's take a look at some of the features it offers.

Dogecoin20 - An improved version of DOGE?

We mentioned above how Dogecoin20 (DOGE20) is following a route that we wouldn't say is fully tried and tested but has definitely provided success for some projects. Green Bitcoin (GBTC) is one of the hottest commodities on the market right now because of how it improves on Bitcoin's one glaring weakness. Dogecoin20 is hoping to do the same for Dogecoin.

What immediately jumps off the whitepaper, however, is that Dogecoin20 is targeting more than one area of Dogecoin to improve on. This is not a surprise as the number one meme coin has a lot of critics out there and until its recent good run, many thought it was headed to zero.

In fact, according to Google analytics keyword searches for Is Dogecoin dead?' and Is Dogecoin headed to zero?' had reached an all-time high. Many industry talking heads believe that Dogecoin's obsession with becoming a legitimate payment method has led it to ignore the growth in all other aspects of the project. While others grew with the time, Dogecoin stood still.

Looking at Dogecoin20 we can see that they have pinpointed two weaknesses in particular that they want their project to improve on. The first is staking. This is not a surprise at all given how much staking has become a crucial proponent of almost every new token. It is especially valuable if a token is going to have a presale first like Dogecoin20 is currently.

Dogecoin's reign at the top of the meme coin market has much more to do with the fact that it was here first than anything else. Both itself and Shiba Inu (SHIB) have that distinct advantage over new tokens. However, there are also disadvantages associated with coming too early and one is that the crypto market trends change very fast.

Late last year staking became almost integral to any meme coin's success. Dogecoin does not have it but Dogecoin20 does. The staking system is set up in a first come first served manner which means the earlier and longer that investors stake their DOGE20 the bigger the rewards they will have down the line.

>>> Dogecoin20 Official Presale

Dogecoin20's proof-of-stake model also makes it the greener option

There is also an even bigger impact that Dogecoin20's staking system has and that's how much greener it is than the original Dogecoin's proof-of-work model. We have already seen with Bitcoin that the crypto market's new entry into the mainstream means that it is going to face a lot of scrutiny about its environmental practices.

As the market's number one currency, Bitcoin has taken most of the heat for this since its ETFs were approved. A battle over whether the government can legally investigate how much energy the mining process of BTC uses has already begun. What readers might not know is Dogecoin also uses a massive amount of energy.

In fact, according to Digiconomist, a single Dogecoin transaction uses the equivalent power consumption of an average U.S. household over 0.13 days. Over a year the Dogecoin network uses a comparable amount of electricity to the whole of Gabon in the same timeframe. This is clearly a problem and will likely come back to bite Dogecoin down the line.

By default, Dogecoin20 is a much greener token as it runs on the Ethereum Network. Back in 2022, Ethereum switched to the proof-of-stake model and reduced its energy consumption by almost 99%. Given the industries move into the mainstream environmental regulation is almost sure to follow. Dogecoin20 is set up to be in line with any of these future restrictions.

Dogecoin20 hopes to grow virality through philanthropy

Virality is crucial to any meme coin's success, this is common knowledge. Different projects try different means to go viral. Some rely on the meme itself, some dedicate a lot of the token allocation to marketing. Dogecoin20 has taken the interesting route of philanthropy to spread the word of DOGE20.

25% percent of the total allocation of DOGE20 will be used for charitable causes and the community will be able to have an input in this. We are not sure how this move will turn out but it is a breath of fresh air at least and we are confident investors will buy into it.

Dogecoin20 has just set out on its journey but already looks like one of the most exciting presales of 2024. The project has raised over $280k in a matter of hours and that amount is rising fast. Given Dogecoin's troubles as of late Dogecoin20 could become an alternative for meme coin investors.

>>> Dogecoin20 Official Presale

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