Crypto Whales Are Stocking Up on This New Dog Coin – Will It Be the Next Dogecoin?

Last updated: May 29, 2024 12:56 pm EDT | 4 minutes of reading

Crypto’s savvy presale magpies are snapping up crypto’s biggest multichain good boy, Cosmo, aka Dogeverse ($DOGEVERSE) before its pre-sale concludes on June 3rd at 10am UTC.

$DOGEVERSE has already raised well over $15 million towards its pre-sale goal of $17 million.

Crypto’s latest Shiba Inu-inspired meme coin has pricked the ears of meme fans, degens, DeFi heads, and general cryptoevangelists, who see the token’s cross-chain hyperbounce capabilities as a hint of the usefulness of tomorrow’s meme coin .

Currently on sale for $0.00031, this is the last fixed price of $DOGEVERSE before launch. This means that when the currency hits the open market via exchanges, there is a very real chance that it will never get this low again.

However, given the fact that the token has yet to hit the open market, the sky is the limit for upside potential. Some even believe the token could make the original Doge meme coin Dogecoin ($DOGE) redundant.

It’s a lofty claim, but once it’s unraveled, Dogeverse starts to look like a serious contender…

Dogeverse has what Dogecoin lacks

The market’s appetite for dog-themed coins began with the launch of Dogecoin (DOGE) in late 2013.

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

(Wow! What a meme! Very encrypted!)

For creators Jackson Palmer and Billy Markus, the project had a satirical tone. The intention was to poke fun at the craze for minting new cryptocurrencies, a fad that has remained 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. The legion of Dogecoin supporters grew quickly and soon they called themselves the “Doge Army”

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

As fun as it is, Dogecoin has problems.

As Dogecoin is its own proprietary blockchain based on Bitcoin, it utilizes an outdated consensus mechanism called Proof of Work (PoW) to validate transactions.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 that miners with more computation and power mine more Dogecoin. Just like Bitcoin, mining $DOGE is energy intensive.

Shiba Inu ($SHIB), Floki ($FLOKI), Bonk ($BONK) and DogWifHat ($WIF) followed in the following years.

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

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

Dogeverse hopes to change that.

Enter Cosmo, the Hub of Multi-Chain Dogeverse

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

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

It now exists on a multichain network spanning six chains, none of which implement the PoW consensus mechanism, making it cleaner and greener than its inspiration.

Solana was the most recent network to become its kennel.

Late last month, Dogeverse launched its sixth native network, Solana, joining a digital economy that is home to US$4.856 billion in total blocked value (TVL), with 1.2 million active users transacting daily and more 2,500 monthly active developers.

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

Beyond Cosmo’s Dogeverse ICO

Dogeverse Depleted its initial soft cap allocation of 200 billion tokens after trending virally when the pre-sale launched in early April.

A handsome amount of US$1 million flooded into the project just 48 hours after its ICO. The team exhausted the tokens allocated in the first two pre-sale rounds and far exceeded initial expectations of a 6-day first round.

Dogeverse moved into the second half of its ICO a day ahead of schedule. Another 200 billion tokens have already been almost entirely sold to the public.

Initially, the ICO was scheduled to be completed on June 11th, however, due to immense demand, it is being completed much earlier.

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

They will now be used to bolster liquidity and secure large trading volumes and capital for repo funds.

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

The team is currently working to smooth the way for CoinGecko and CoinMarketCap listing apps after pre-sales are sold out, while later DEX and CEX listings are part of the project roadmap.

Dogeverse also offers juicy staking rewards

Is it Dogeverse summer season?

Meme coins often exaggerate broader market movements, meaning they can pump strongly when Bitcoin and Ethereum are recovering.

On the other hand, they break harder when market leaders are falling.

They are also in pole position to win in two recent events. The halving of Bitcoin supply eorNewly Approved US Spot Ethereum ETFs could add billions more value to the market in the coming months.

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

When the claim goes live on June 5th, subsequent price increases will likely take the token well beyond its current price range.

Social Channels: Twitter | Telegram

Participate in the pre-sale on Dogeverse website before ending 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 can lose all your capital.

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