Dogecoin Price Explodes While New Crypto ICO Dogecoin20 Raises $10 Million

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Dogecoin price chart – monthly timeframe

The Dogecoin price is up over 80% in March, breaking out above $0.20 today for the second time this month.

DOGE’s earlier foray above $0.20 on March 5th was followed by a deep correction to $0.12, but this latest impulse move has seen some analysts calling for targets above $0.40 and even higher.

New meme coins also continue to be in high demand, with both retail investors and smart-money traders searching for outsized returns during the ongoing crypto bull market. 

A new Doge-themed meme coin – Dogecoin20 (DOGE20) – also sold out a record breaking ICO, raising over $10 million in less than two weeks.

While it’s unaffiliated with the original Dogecoin team, the project claims to offer a more sustainable alternative to Dogecoin, featuring concepts such as on-chain staking and community-centric tokenomics.

DOGE20’s early success is part of a bigger trend – crypto presales are witnessing a surge in interest, especially after the buzz generated by the SLERF meme coin. 

Dogecoin20 Raises $10 Million, Meme Coin Will Launch On Doge Day

After raising $10 million, Dogecoin20 is offering interested buyers one more opportunity to purchase the token from its marketing allocation. Currently, $DOGE20 is priced at $0.00022. 

The meme coin will launch on exchanges on April 20th – widely known as Doge Day in the crypto community – after which its price will be subjected to supply and demand.

Doge Day has paramount significance, especially amongst meme coin enthusiasts. In 2023, the Dogecoin price surged by 50% in the lead-up to this day.

Market research platform Layergg expects Doge-based meme coins to surge in value again as April 20th approaches, especially since meme cryptocurrencies react sensitively to such narratives. 

DOGE20 Selling Points – Why Is It Seeing Early Growth?

Dogecoin20 claims to tackle the flaws in Dogecoin and extend its legacy through new and in-demand crypto trends. 

For instance, it introduces on-chain staking to the Doge ecosystem, claiming to offer a second passive income stream for retail investors. This feature is symbiotic in nature – stakers contribute to the security and stability of the network, receiving staking rewards in return in the form of more $DOGE20 tokens.

The Dogecoin20 staking program also allows presale buyers to stake their holdings and start to accrue rewards. According to its staking dashboard, the current reward rate is over 90% per annum. However, this rate is set to decrease as an increasingly higher number of tokens are staked. 

The project’s whitepaper reveals that 15% of the token supply has been set aside for staking rewards, which will be disbursed over a two-year period – 12.5% in year one and 2.5% in the second. 

Analysts such as Crypto Gains and ClayBro have highlighted Dogecoin20’s staking program as one of the reasons why they are bullish on the new ICO. 

Dogecoin20 also has a fixed token supply of 140 billion, which it claims is a better tokenomics model than Dogecoin’s infinite and inflationary token supply.

25% of DOGE20 tokens were allocated to the ICO, marketing strategy and project treasury each, while staking rewards and exchange liquidity will receive 15% and 10% of the supply respectively. 

DOGE20 is also an ERC-20 token and could be stored and traded using popular Ethereum-based wallets such as MetaMask. The token smart contract has also been audited by Coinsult

Could Dogecoin20 Be A Beta Play On The Dogecoin Price Action?

Smart-money traders often view meme tokens as beta plays. For instance, Solana and Ethereum meme coins are being used as beta bets on their respective blockchains – when $SOL pumps, so do tokens such as $WIF, $BONK and $MYRO. 

Analysts believe DOGE20 could be a beta bet on Dogecoin. When the latter shows volatility, the former could mirror it to a higher degree. 

Smart-money traders are bullish on Dogecoin, some projecting it to hit $1 this bull run, as soon as mid April around the Bitcoin halving.

Elon Musk recently reaffirmed his support for the top meme coin and Coinbase Derivatives will launch Dogecoin Futures trading on April 1st if there is no objection from the US CFTC. 

The Dogecoin price could also likely surge in the lead-up to Doge Day, which could bring considerable attention to the launch of Dogecoin20.