New Ethereum-based meme token Dogecoin20 (DOGE20) has passed the $240,000 mark in its presale, with the coin’s innovative take on Dogecoin-related memes quickly winning over investors.

Launched less than 24 hours ago, the sale is already moving through the gears, helped by renewed interest in meme tokens and an increasingly bullish market.

The coin is aiming to shake up the meme coin space by offering a more philanthropic version of on-chain staking, one which rewards earlier stakers.

And by introducing a fixed supply (in contrast to Dogecoin, for example), DOGE20 looks to have set itself up nicely for a long lifecycle of sustained price gains.

The Next Shiba Inu and Dogecoin? New Crypto ICO Dogecoin20 Could Make Meme Coin Millionaires

As popular as meme tokens such as DOGE are, they carry a number of flaws that Dogecoin20 hopes to address.

In Dogecoin’s particular case, it remains a proof-of-work blockchain, something which may provide a certain amount of network stability, but which also requires an excessive use of electricity.

In fact, according to the Digiconomist website, the Dogecoin network currently consumes around 2.32 TWh of electricity per year, which is roughly equivalent to the consumption of Gabon (population 2.3 million).

Source: Digiconomist

This arguably makes Dogecoin an inefficient way of transferring value online, yet this is exactly where DOGE20 comes in.

The token runs on Ethereum, which famously transitioned to a proof-of-stake mechanism in September 2022, reducing its energy consumption by 99%.

As such, Dogecoin20 stands as a more environmentally friendly version of the ever-popular Dogecoin.

But it also boasts at least one more major improvement over DOGE and numerous other meme coins, which is that it features a dynamic and innovative staking system.

#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

This staking system is designed in a way that provides the greatest rewards to the earliest investors, something that incentivizes long-term holding from the get-go.

And in the more distant future, it will also prioritize rewards to those who keep tokens staked for the longest.

Also incentivizing greater engagement and a community spirit is the fact that Dogecoin20 “is committed to making a positive impact,” as its whitepaper explains.

In particular, it will use a portion of its treasury to support charitable causes and community projects.

Again, this will help grow its community and recruit followers, who in turn will help word of Dogecoin20 to spread, boosting its price in the long term.

And speaking of price, one other main advantage DOGE20 has over the original Dogecoin is that it comes with a fixed supply.

#Dogecoin is a beloved token but has been limited in its potential future worth because it has an infinite supply that will always emit more #Tokens into the market. #DOGE20 fixes this with a fixed supply, allowing for unhindered upwards pressure on the token price. pic.twitter.com/MvnjTeVdhp

— Dogecoin20 (@DOGE_COIN20) March 15, 2024

How to Participate in the Presale

Its team has set this supply at 140 billion DOGE20, with 25% of this supply going to the coin’s presale.

Another 25% will go to marketing and a further 25% to the treasury, which will have the purpose of boosting the coin’s development, as well as serving charitable and community-related causes.

Finally, 15% will go to staking rewards, with the remainder (10%) finding its way to exchange liquidity.

Together, such features promise to make Dogecoin20 one of the more successful new meme tokens of the year.

Its launch also happens to come at a time when the market is rallying and interest in meme coins is rising, thanks in part to Elon Musk’s recent promotion of the original Dogecoin.

Its sale, therefore couldn’t really be coming at a better time, with the combination of general bullishness and the coin’s fundamentals helping to push its presale raise to $240,000 already.

This is great for a sale that has been running for only a day, with this total likely to rise quickly in the coming days and weeks.

Joining the rush couldn’t be easier, with investors simply having to go to the official Dogecoin20 website and connect their crypto wallets.

They can currently buy DOGE20 at a price of $0.00014 per token, although this will rise incrementally with each new stage of the sale.

Of course, its fundamentals and following could easily mean that this price explodes once the coin lists, with it set to go live on Uniswap upon the sale’s closure.

Buy Dogecoin20 Now

The post The Next Shiba Inu and Dogecoin? New Crypto ICO Dogecoin20 Could Make Meme Coin Millionaires appeared first on Cryptonews.