© Provided by BenzingaDogecoin 2.0 (CRYPTO: DOGE2) saw a staggering price increase despite the Dogecoin Foundation behind its older brother Dogecoin (CRYPTO: DOGE) being angered by the project.What Happened: According to CoinMarketCap data, Dogecoin 2.0's price increased by over 345% from its 24-hour low of $0.01868 to a high of $0.08325 before settling at $0.07561 as of press time.
The coin describes itself as an "Upgraded Dogecoin" in the form of a decentralized finance (DeFi) token on the Binance Smart Chain (CRYPTO: BNB) created by the community of the original Dogecoin.
Read Also: Dogecoin Foundation Returns After 6-Year Hiatus; Ethereum's Vitalik Buterin, Musk Rep Jared Birchall Join Board
The Dogecoin foundation issued a stern warning against its latest copycat. The organization tasked with support for Dogecoin's core developers and projects that make use of it was re-established after a six years halt with the participation of Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin and tech tycoon Elon Musk.
Why Is Dogecoin Foundation Not Happy? In its warning, the Dogecoin Foundation notes that Dogecoin 2.0 "has no connection to or relationship with Dogecoin."
Furthermore, the organization already purportedly mobilized its "brand protection lawyers" to contact the developers of the 'Dogecoin 2.0' product.
The announcement reads that the team hopes that its "reasonable request" will result in Dogecoin 2.0's team rebranding the project to a name that "does not infringe on the rights and reputation of" Dogecoin.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved
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