Meme coins continue to be the talk of the crypto market, with Dogecoin20 (DOGE20) raising $2 million in its ongoing token presale event.
As retail investors show interest in this dog-themed project, it’s DOGE20’s unique combination of meme culture and staking rewards that seems to be fueling the buying demand.
DOGE20 passes $2M in limited-time presale
Dogecoin20’s presale has reached the $2 million mark today as the meme coin frenzy continues.
The project’s focus on passive rewards has resonated with investors, who have been accumulating DOGE20 tokens before the discounted presale window ends.
At the time of writing, Dogecoin20’s team is offering tokens at the low entry point of $0.000164 each.
However, this discounted rate is only available for a limited time.
The presale employs a novel pricing strategy where DOGE20’s price incrementally increases upon reaching certain capital raise milestones, ensuring early buyers receive the best rates.
Dogecoin20 has already garnered a substantial following across its social media channels, reflecting the early demand.
Almost 1,000 people are now part of the DOGE20 Telegram, alongside 700 Twitter followers.
This heightened interest is only natural considering DOGE20’s low entry point and Uniswap launch slated for after the presale concludes.
As the largest DEX in the world, handling over $2 billion in daily trading volume, a listing on Uniswap represents a significant milestone for any early-stage crypto project.
Competitive staking rewards ignite demand for DOGE20 tokens
While the presale numbers alone are impressive, it’s Dogecoin20’s unique value proposition that has retail investors taking notice.
Dogecoin20 seeks to tap into the immense cultural relevance and meme legacy of the original Dogecoin (DOGE).
However, it elevates the concept by introducing a staking protocol for earning passive income.
The mechanics are simple – investors buy and hold DOGE20 tokens, which can be staked via Dogecoin20’s smart contracts on the Ethereum blockchain.
According to Dogecoin20’s whitepaper, 15% of the 140 billion supply has been earmarked for these staking rewards.
This sizable allocation has already translated to projected reward rates of 395% per year for early stakers.
Due to this, over 7 billion DOGE20 tokens have already been staked during the ongoing presale phase.
Helping boost confidence in this combination of meme culture and staking utility, Dogecoin20’s smart contracts have been fully audited by blockchain security firm Coinsult.
Can Dogecoin20 be the meme coin market’s next breakout star?
Despite Dogecoin20’s early presale success, the team isn’t resting on their laurels.
The project has an ambitious roadmap to ensure a smooth launch and cultivate long-term growth.
Most significantly, 10% of DOGE20’s supply – 14 billion tokens – has been allocated to ensure ample liquidity on Uniswap post-launch.
This substantial liquidity allocation could prove crucial for facilitating Dogecoin20’s entry into the meme coin space.
Data from CoinCodex shows the overall meme coin market is now valued at over $52 billion, with $12 billion in trading volumes in just the past 24 hours.
Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have kicked off 2024 with substantial price rallies as speculative investors double down.
SHIB is up over 170% year-to-date, proving that there are gains to be made for projects that can tap into the appetite of meme coin enthusiasts.
Notably, this demand for meme coins shows no signs of cooling anytime soon.
By combining blockchain utility and internet culture, Dogecoin20 aims to capitalize on the demand - provided it can maintain (or grow) its current level of investor interest.