Meme coin prices have taken a hit over the weekend, with the likes of Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) all down by anything between 20% and 15% in the past week.
Such losses come as the market weathers a period of correction, which in turn follows a period of bullish growth, caused largely by rising Bitcoin ETF volumes.
But while most tokens have suffered losses in the past few days, some coins have bucked the current trend, with one of the most notable being new Ethereum-based meme token Dogecoin20 (DOGE20).
Having launched its presale last week, it has already raised $1.9 million, with the last $1 million coming in only 48 hours.
Not only does this suggest that investors are taking to DOGE20 in a big way, but that it could become one of the biggest new meme tokens of 2024.
Crypto Meme Coin Prices Flash Crash, But Dogecoin20 Raises $1 Million in 48 Hours
Dogecoin 20 is aiming to improve on the template of more established meme tokens such as Dogecoin.
One of the ways it intends to do this is by introducing a philanthropic version of on-chain staking, one which rewards earlier stakers and also donates to charitable causes.
That is, its staking system will provide the biggest rewards to the earliest stakers, as well as to those who lock tokens for the longest.
Such a system will help take a substantial amount of DOGE20 out of circulation, in turn boosting its price.
Making this even more bullish is the fact that Dogecoin20 has a fixed supply (of 140 million tokens), which puts it in stark contrast with numerous other inflationary meme coins (such as Dogecoin itself).
#Dogecoin holds a special place in the #Crypto community, yet its potential value has been capped due to its perpetual emission of new #Tokens. #DOGE20 addresses this concern by introducing a fixed supply, paving the way for unimpeded upward momentum in token value. pic.twitter.com/sR05Dzcv1J
— Dogecoin20 (@DOGE_COIN20) March 16, 2024
There are other reasons to be bullish about DOGE20, including its commitment “to making a positive impact.”
It will do this by reserving a portion of its treasury (which is 25% of its overall supply) for charitable causes and community projects.
By spending money on such causes, DOGE20 will likely attract positive publicity and engagement for itself, helping its community to grow.
Again, community growth tends to equal price increases over the long term, in that more followers means more investors.
It’s also notable that, as an Ethereum-based cryptocurrency, DOGE20 will be a proof-of-stake coin, unlike Dogecoin (which remains proof-of-work)
Because of this, it will be much less energy intensive and environmentally damaging than Dogecoin, something which is more consistent with its commitment to ‘Do Only Good Everyday.’
#DOGE20 isn’t just another Shiba Inu-inspired derivative.
Upholding Dogecoin’s ethos to Do Only Good Everyday, it offers passive rewards through on-chain staking.
Embracing a greener, more sustainable future with the most widely loved #Memecoin in the world! pic.twitter.com/zqlONodRPB
— Dogecoin20 (@DOGE_COIN20) March 14, 2024
Presale Close to $2 Million: How to Join
Given these fundamentals, it’s not really a surprise that Dogecoin20 has almost raised $2 million from eager investors.
Its sale has a hard cap of $6 million, although there is an option to extend to $10 million if demand is high enough.
Source: Dogecoin20
Either way, the sale will have to end in only a few weeks, giving new investors only a limited window of opportunity in which to purchase DOGE20 early.
They can do this by going to the official Dogecoin20 website and connecting their crypto wallets, with DOGE20 currently available at a price of $0.000164 per token.
This will rise incrementally in three days, as well as continue to rise in steps at regular intervals for as long as the sale lasts.
That said, the coin’s fundamentals and growing online presence could mean that it surges dramatically once it lists on exchanges, with the coin set to go live on Uniswap once the sale closes.
From there, it will list on other platforms, including centralized exchanges, where it could post some of the biggest rallies of the year.
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