A new Ethereum-based alternative, Dogecoin 20 (ticker symbol: DOGE20), rose more than in less than an hour after landing on the leading decentralized exchange (DEX) Uniswap.
The buying spree was driven by the anticipation of Saturday, April 20,2024, which the crypto community designated as Bitcoin Halve Day and International Dog Day.
Dogecoin20 Claims come online at 10 am world standard time. The ICO lasted through March, earning more than $10 million. The event was originally scheduled to end on Saturday, April 20, but the team ended it early due to the scale of demand and the strategic appeal of Governor General's Day.
The Dogecoin community chose April 20 because it was associated with 4 / 20.
The self-procgovernors considered the day as interesting and disrespectful as their favorite coin. It is also the day when investors are most likely to buy dog-related meme coins to spur gains.
However, with so many dog-related meme coins on the market, Degens will look for alternative projects on this day this year. Dogecoin20 Offers cleaner, more environmentally friendly and more useful tokens than the classic Doggie coin (DOGE).
About 45 minutes after landing in Uniswap, the price of DOGE20 soared 101% to $0.0003,632.
The coin has since retreated as the early Deans took some profit-taking, but traded above its offering price as it consolidated to prepare for the next rally.
The 20 in the token name refers to the ERC-20 token standard. The ERC-20 is a set of Ethereum smart contracts that open up a wide range of decentralized finance (DeFi) applications and use-case networks that we see on the web today.
Other notable ERC-20 tokens include canine competitors such as SHIB and FLOKI, DEX utility tokens such as Uniswap (UNI), or Tier 2 solutions like Pogon (MATIC) and Chainlink (LINK). All of these projects leverage the versatility of the Ethereum virtual machine.
On Ethereum, Dogecoin 20 is cheaper, faster and more environmentally friendly to use than Dogecoin. This is because Ethereum uses the Energy-saving Proof of Interest (PoS) consensus mechanism, where miners with * * interests verify the most transactions and receive the most mining rewards.
The original Dogecoin used the old technology that powered Bitcoin: proof of work (PoW), where the miners with the most capabilities / hardware verified the most transactions.
As early as August 2023, Ethereum handled one million transactions a day. By comparison, Bitcoin processed 55 0,000 transactions throughout the month.
Dogecoin20 Taking full advantage of the more environmentally friendly Ethereum's DeFi feature, it provides a pledge mechanism that provides 41% annual revenue by locking DOGE20 in the pledge pool, which is a significant benefit for holders seeking passive income.
With nearly 70 billion tokens already pledged and growing, Dogecoin20 is laying a solid foundation for the token. A higher proportion of tokens locked in the pledge usually indicates that most "holders" are long-standing.
The total supply ceiling is set at 140 billion tokens to maintain DOGE20 scarcity and add value. At the time of writing, it has a very low market cap, less than $30 million (compared to $21 billion), and Uniswap has locked in more than $1 million in liquidity to ensure smooth, large-volume transactions.