A new meme coin - Dogecoin20 - has started its presale phase on Thursday, aiming to offer a second and potentially improved version of Dogecoin featuring sustainable tokenomics and a flexible staking program.
Dogecoin is back in the spotlight after Elon Musk reaffirmed his support for the meme coin. Speaking to customers and investors in Berlin, Musk revealed that Tesla will start accepting Doge payments for its EVs at some point. In response, the Dogecoin price jumped by 15% on Wednesday, leading to enthusiasm amongst meme coin investors.
The Dogecoin20 project is looking to offer a sustainable alternative to Doge, backed by anti-inflationary mechanism and eco-friendly staking rewards, paid out in additional DOGE20 tokens.
The presale is now live and has raised over $250k. Interested buyers can purchase the token through a bank card or by swapping ETH or USDT tokens. They can also choose to swap with BNB tokens - however, in this case, they won’t be able to take advantage of the staking program.
Dogecoin20 offers Stake-to-Earn utility
Dogecoin20 is an ERC-20 token and utilizing Ethereum-powered smart contracts.
Early buyers of the token can start to earn staking rewards from the presale itself, currently at an Annual Percentage Yield of over 1900%, that will be paid in additional DOGE20 tokens.
However, this APY is set to decrease as an increasingly higher number of tokens are deposited in the staking pool.
The high yield percentage is designed to incentivize investors to hold their DOGE20 tokens for longer periods, thus reducing the selling pressure on the cryptocurrency after its launch. It also hopes to reduce the risk of pump-and-dump price action, a phenomenon that is often witnessed amongst new meme coins.
Overall, investors staking their tokens will contribute to the ecosystem’s stability, security and growth while earning passive income in return.
15% of the total Dogecoin20 supply has been allocated towards staking rewards, which will be distributed over a two-year period. 12.5% will be distributed in the first year to reward loyal community members while the remaining 2.5% will be used for staking rewards in the second year, albeit at a reduced rate.
Investors can head to the project’s staking dashboard to stake and withdraw the tokens, claim rewards and view the current APY.
Anti-inflationary mechanism, community-centric tokenomics
Despite Dogecoin’s global popularity, one of the major criticisms against it is its infinite token supply that will always emit more tokens in the market. This can lead to inflation and negatively impact investments.
Dogecoin20 has sought to tackle this problem. Following in the footsteps of Bitcoin, it has a fixed token supply - no more than 140 billion DOGE20 tokens will ever be created.
According to the project’s whitepaper, the entire token supply has been allocated in a community-centric manner. 25% of the token supply will be sold in the presale itself, allowing investors an equitable chance to get in early.
An additional 25% of the tokens have been allocated to the project’s marketing strategy while 15% of the supply will be distributed as staking rewards, as previously mentioned. 10% of the tokens will provide liquidity on decentralized exchange for smooth trading operations.
The final 25% of the token supply will be stored in its treasury, intending to support the project’s long-term sustainability and development, providing financial resources for future operation needs.
Considering that Dogecoin20 is an ERC-20 token, it is also compatible with every Ethereum-based wallets and platforms, aiming to make it easier for beginner traders to buy, hold and trade the tokens.
The Dogecoin20 smart contract is also being audited to spot any security risks. The audit report will soon be published on the project website.
Dogecoin20 roadmap
Dogecoin20 has made its roadmap publicly available.
It is currently in presale phase, offering an equitable buying opportunity to all investors. The team will allocate a portion of the raised amount towards creating a professional marketing strategy. The project is also offering early staking incentive - presale buyers can already stake their tokens and start to accrue passive income.
In the next phase, DOGE20 will launch on the Uniswap DEX, which is the largest decentralized exchange in the world. The team will add a substantial liquidity pool to Uniswap, allocating 10% of the token supply for this purpose. At this stage, the presale buyers will also be able to claim their tokens.
In the final stage, the Dogecoin20 staking smart contract will distribute long-term passive rewards to investors over a two-year period. The rewards will be paid in additional DOGE20 tokens.
For more information, follow the Dogecoin20 project on Telegram and X.