Crypto Meme Coin Prices Flash Crash, But Dogecoin20 Raises $1 Million in 48 Hours
Meme coin prices have taken a hit over the weekend, with the likes of Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) all down by anything between 20% and 15% in the past week.
Such losses come as the market weathers a period of correction, which in turn follows a period of bullish growth, caused largely by rising Bitcoin ETF volumes.
But while most tokens have suffered losses in the past few days, some coins have bucked the current trend, with one of the most notable being new Ethereum-based meme token Dogecoin20 (DOGE20).
Having launched its presale last week, it has already raised $1.9 million, with the last $1 million coming in only 48 hours.
Not only does this suggest that investors are taking to DOGE20 in a big way, but that it could become one of the biggest new meme tokens of 2024.
Dogecoin 20 is aiming to improve on the template of more established meme tokens such as Dogecoin.
One of the ways it intends to do this is by introducing a philanthropic version of on-chain staking, one which rewards earlier stakers and also donates to charitable causes.
That is, its staking system will provide the biggest rewards to the earliest stakers, as well as to those who lock tokens for the longest.
Such a system will help take a substantial amount of DOGE20 out of circulation, in turn boosting its price.
Making this even more bullish is the fact that Dogecoin20 has a fixed supply (of 140 million tokens), which puts it in stark contrast with numerous other inflationary meme coins (such as Dogecoin itself).
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