Sign Up for News & Alerts
Crypto

Crypto Whales Are Stockpiling This New Dog Coin – Is It the Next Dogecoin?

Press RoomBy

Last updated:

| 4 min read

Crypto’s savviest presale magpies are snapping up crypto’s greatest multichain good boy Cosmo, aka Dogeverse ($DOGEVERSE) ahead of the conclusion of his presale on June 3, 10AM UTC.

$DOGEVERSE has already taken in well over $15 million towards its $17 million presale target.

Crypto’s latest Shiba Inu-inspired meme coin has pricked the ears of meme fans, degens, DeFi heads and general crypto evangelists alike, who see the token’s hyper-jumping cross-chain capabilities as a hint of tomorrow’s meme coin utility.

Currently on sale at $0.00031, this is $DOGEVERSE’s last fixed price before launch. This means that when the coin hits the open market through exchanges, there’s a very real chance it won’t ever be this low again.

However, given the fact that the token still hasn’t hit the open market, the sky is the limit on upside potential. Some even believe the token could make original doge meme coin Dogecoin ($DOGE) redundant.

It’s a lofty claim but once it is unpacked, Dogeverse begins to seem like a serious contender…

Dogeverse Has What Dogecoin Lacks


The market’s appetite for canine-themed coins began with the release of Dogecoin (DOGE) at the end of 2013.

Dogecoin didn’t need much of a sales pitch. It was based on a viral meme that virtually anyone with social media has seen before.

(Wow! Such meme! Very crypto!)

For creators Jackson Palmer and Billy Markus, the project was satirical in tone. It was intended to poke fun at the craze for minting new cryptocurrencies, a vogue that has stayed with us a decade later. However, the crypto public saw it as an endearing symbol of crypto’s fun and irreverence.

They saw a crypto project that had strong viral appeal and a fun community-building narrative. Dogecoin’s legion of supporters rapidly grew and soon they called themselves the “Doge Army”

Many celebrities enlisted, professing their love for the OG meme coin, including Tesla CEO Elon Musk, American entrepreneur Mark Cuban, and musicians Gene Simmons and Snoop Dogg.

Fun as it may be, Dogecoin has problems.

Since Dogecoin is its own proprietary blockchain based on Bitcoin, it utilizes an outdated consensus mechanism called Proof-of-Work (PoW) to validate transactions.

This means the miners with the most computation and power mine the most Dogecoin. Like Bitcoin, mining $DOGE consumes a lot of energy.

Shiba Inu ($SHIB), Floki ($FLOKI), Bonk ($BONK), and DogWifHat ($WIF) followed it over subsequent years.

All of them reference original viral doge memes involving adorable Shiba Inus in some way, but all of them either come from the most commercially important blockchain, Ethereum, or its nearest rival, Solana, both of which use less energy than Bitcoin and Dogecoin.

To date, none of them have seriously challenged the original’s dominance.

Dogeverse hopes to change that.

Enter Cosmo, the Centre of the Multi-Chain Dogeverse


At the center of the Dogeverse is our four-legged friend Cosmo.

Born in a supernova, Cosmo discovered he had a unique ability: the power to hyper-jump across universes.

Now, he exists on a multichain network spanning six chains, none of which deploy the PoW consensus mechanism, making him cleaner and greener than his inspiration.

Solana was the most recent network to become his kennel.

At the end of last month, Dogeverse rolled out its sixth native chain, Solana, joining a digital economy that is home to $4.856 billion in total value locked (TVL), with 1.2 million active users transacting daily and over 2,500 monthly active developers.

Since Dogeverse exists on multiple chains, it can be purchased by anyone on Ethereum ($ETH), BNB Smart Chain ($BNB), Polygon ($MATIC), Avalanche ($AVAX), Base ($BASE) and Solana ($SOL).

Beyond Cosmo’s Dogeverse ICO


Dogeverse sold out its initial soft cap allocation of 200 billion tokens after trending virally when the presale launched at the beginning of April.

A tidy $1 million flooded the project barely 48 hours into its ICO. The team had sold out of tokens allocated to the first two presale rounds and far exceeded initial expectations of a 6-day first round.

Dogeverse moved onto the second half of its ICO a day ahead of schedule. A further 200 billion tokens have now almost entirely been sold to the public.

Initially, the ICO’s conclusion was scheduled for June 11, however, due to the immense demand, it’s concluding substantially earlier.

The funds from these additional tokens would have been sold on decentralized (DEX) or centralized (CEX) exchanges after the claim.

Now, they will be used to bolster liquidity to ensure high-volume trading and capital for buy-back funds.

Token holders can also stake their $DOGEVERSE on Ethereum to earn passive rewards.

The team is currently working towards smoothing the way for CoinGecko and CoinMarketCap listing applications after the presale sells out, while later DEX and CEX listings form part of the project roadmap.

Dogeverse also offers juicy staking rewards

Is Summer Dogeverse Season?


Meme coins often exaggerate broader market movements, which means they can pump hard when Bitcoin and Ethereum are rallying.

Conversely they crash harder when the market leaders are dipping.

They’re also in pole position to gain from two recent events. Bitcoin’s just-completed supply halving and the recently approved US spot Ethereum ETFs could add billions more value into the market in the coming months.

With staking capabilities, seamless multi-chain exposure and some potential for market-wide rallies, what’s not to love about crypto’s new hyper-jumping pupper?

When the claim goes live on June 5, the subsequent price rises are likely to take the token far beyond its current price range.

Social Channels: Twitter | Telegram

Join the presale over on the Dogeverse website before it ends on June 3.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.



Read the full article here

Share.

Related Articles

Add A Comment

Leave A Reply