Dogecoin Fights To Reclaim its Name
After several other cryptos used some variation of its name, Dogecoin is fighting back to reclaim its name, purpose, and mission. Dogecoin was developed as a joke — its name is a reference to a popular internet meme–and was catapulted to stardom by crypto-lovers such as Elon Musk.
In late August, the Dogecoin Foundation, a non-profit founded by Dogecoin’s developers and supporters in 2014, filed an official claim on the Dogecoin brand name.
“Most people thought it wasn’t worth it to register such trademarks since who knows how long they’d last. Jens Wiechers, a Dogecoin Foundation board member, told The Wall Street Journal, “Now we’re basically ruining that a little bit.”
According to a release, the charity announced its reactivation in August.
“For many years, the Dogecoin community has continued to believe in the goodness of humanity, hoping that everyone might get along and enjoy the name and logos. After all, Dogecoin belongs to the people,” the foundation stated in a statement. “However, in recent years, multiple attempts have been made in various jurisdictions to co-opt the ‘Dogecoin’ brand in ways that would restrict the community and the project from utilizing them. We’d like to recognize one Very Good Shibe: Jens Wiechers, who has been fighting these kinds of attacks through the trademark office under the banner of the Dogecoin Foundation since 2014, at significant personal expenditure, to safeguard everyone’s ability to use the Dogecoin brand.”
According to CoinMarketCap.com, there are around 100 cryptocurrency tokens that use the appellation or ticker “doge” today, according to The Wall Street Journal, with new initiatives including Dogelon Mars and Baby DogeCoin from this year. According to the Wall Street Journal, a Cook Islands-based company, Moon Rabbit AngoZaibatsu LLC, applied for dogecoin trademarks in the United States and the European Union on May 24, and another newcomer, dubbed “Dogecoin 2.0,” appeared on May 24, aiming “to offer investors prolonged growth in utilizing a much more sustainable tokenomics structure than its somewhat inflated predecessor,” according to its website.
Dogecoin Welcomes Newcomers to Crypto
The Dogecoin Foundation said that it “welcomes newcomers to the crypto space as always,” but that “this project has no connection to or association with DOGE.”
“We have instructed our brand protection lawyers to approach the developers of the ‘DOGE 2.0′ product to safeguard the DOGE community from being deceived and to protect the Dogecoin name from any misuse,” the foundation said in a statement. “We hope that their development team will choose a new name for their project that does not infringe on the DOGE project’s rights and reputation in response to our reasonable request, and we look forward to any advancements they may make in their future endeavors.”
According to CoinMarketCap data, Doge is now trading at $0.25 and has a market cap of $32 billion, making it the ninth-largest cryptocurrency by market cap. According to CoinMarketCap historical statistics, the cryptocurrency began the year at $0.004681 and hit a high of $.068 on May 8, just before Musk’s “Saturday Night Live” hosting slot, before dropping to $0.42.
In a Twitter rant last month, Dogecoin co-founder Jackson Palmer slammed cryptos, describing them as “an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity.” Palmer also stated that he will not “return to cryptocurrency.”
Palmer lambasted the industry’s lack of regulation, as well as the “cult-like” get-rich-quick schemes and paid influencers, as well as the “powerful cartel of affluent figures” in charge.
He tweeted at the time, “It does not connect with my politics or belief system, and I don’t have the energy to attempt and explain it with individuals unwilling to participate in a grounded conversation.”
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