There’s a growing saga building in the crypto world. Today, investors in high-profile cryptocurrency Dogecoin (CCC:DOGE-USD) and early investors/developers of the Dogecoin 2.0 (CCC:DOGE2-USD) crypto are standing at an impasse.
The events that have unfolded this past month have brought intense interest to the original pup-themed meme coin. However, most of the news surrounding the implementation of the new Dogecoin 2.0 project has been bearish for DOGE investors. Since mid-August, DOGE tokens have trended slightly lower as most cryptocurrencies have been on a tear.
Indeed, indications are that Dogecoin was gaining momentum around mid-August. The cryptocurrency announced that the Dogecoin Foundation, a non-profit aimed at developing this meme coin, had been re-established. A Dogecoin manifesto, and a slough of prominent advisors, were brought in as part of this revitalization effort.
However, in recent weeks, DOGE investors appear to have become preoccupied with the rise of Dogecoin 2.0. Sharing the same name as the original meme coin, investors seemingly have begun to take a hard look at this new kid on the block. Although, the crypto space is so fast-moving, there’s always a new kid on the block.
Let’s take a look at what’s been going on between DOGE and its 2.0 counterpart of late.
Dogecoin vs. Dogecoin 2.0: Who Will Prevail?
Yesterday, enthusiasts of the original dog-themed crypto saw a formal statement from the Dogecoin community regarding the Dogecoin 2.0 crypto project. In this statement, Dogecoin sought to distance itself from this seemingly upgraded version of itself.
The statement advised investors that Dogecoin 2.0 has no relationship with Dogecoin. Accordingly, the DOGE community is seeking legal protection to “protect the Dogecoin name from possible misuse.”
As expected, Dogecoin 2.0 folks have responded. Today, in a project statement, the Dogecoin 2.0 defended their right to fulfill their mission. The Dogecoin 2.0 folks believe they are being unjustly targeted and have set a meeting with their lawyer tomorrow to “review all options.”
Sounds like this battle is only heating up.
Indeed, given the other various legal battles going on in the crypto world, including with high-profile platform Ripple (CCC:XRP-USD) and its XRP token, there’s no shortage of drama for investors to watch today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.