Dogecoin Cash (DOG) and DogeCash (DOGEC) have names that sound similar to the meme veteran Dogecoin (DOGE) but that is where the resemblance ends. Let’s see how they differ:
The Numbers: DOGE traded 1.24% higher at $0.073 at press time on Tuesday, while DOGEC traded 16.54% higher at $0.072.
DOG traded at USD Coin 0.003 at press time, according to Pancakeswap.finance, which makes it roughly equal to the same amount in dollars.
In terms of market capitalization, DOGE is at no. 16, while DOGEC is at no. 1656 on CoinMarketCap’s list of currencies arranged by that metric. Data for DOG is unavailable.
DOGE has a market cap of $9.4 billion, while DOGEC’s market capitalization is $1.05 million.
DOGE’s 24-hour trading volume was valued at $ 2.9 billion. As for DOGEC the trading volume was at $11.69, as per CoinMarketCap data.
On a year-to-date basis, DOGE has risen 1,457.59%, while DOGEC has risen 727.59%.
The Pedigree: DOGE came to being as a joke cryptocurrency in 2013 and was created by Jackson Palmer and Billy Markus. The latter told Benzinga last month in an interview that the main thing that separates DOGE from the rest of the cryptocurrency pack is that it is a “lighthearted, friendly and amusing” meme.
DOG touts itself as the “people’s cryptocurrency” on Ethereum (ETH) and Binance Smart Chain. The cryptocurrency is a new entrant and was announced on Feb. 17. The launch statement listed BOTS, Inc, a company in the robotic automation and manufacturing industry along with BTZI’s incubation client Tipestry and Dogecoin Cash Public Benefit Corporation as developers of the Decentralized Finance token.
See also: How to Buy Dogecoin (DOGE)
The DOGEC blockchain was launched in October 2018, according to the Dogecoin Cash white paper. James Stewart is listed as the lead developer on DOGEC’s website. He is listed as a self-taught programmer whose projects include servers, chat servers, web design, cryptography tools, and more.
A Different Animal: Perhaps the main key difference between the three coins is that while Dogecoin put no cap on supply when it was launched, DOG and DOGEC are capped at 128.28 billion (approx) and 21 million coins respectively.
On Monday, Kronos Advannced Technologies Inc KNOS said it had exchanged its entire holdings in First Bitcoin (BIT) — no relation to Bitcoin (BTC) — to DOG. The DOG announcement led to a raly in the shares of Kronos. According to the project’s webpage, the cryptocurrency is earned by posting on Tipestry, and does not involve proof-of-concept mining, and thus claims to be environmentally friendly. On the other hand BTC and DOGE require Proof of Work, which is thought to be an electricity hog. BTC traded 0.01% lower at $60,558.59 at press time.
DOGEC is looking for the average investor to get involved through its creation of DogeNodoes and the utilization of Proof of Stake.
See Also: Proof of Stake vs Proof of Work
DOGE has a fan following spanning Tesla Inc TSLA CEO Elon Musk to Snoop Dogg. Recently “Shark Tank” fame investor Mark Cuban said his basketball team, the Dallas Mavericks, would accept the Shiba Inu-themed cryptocurrency for ticket and merchandise sales. DOGEC so far it seems has not found such love from high-profile celebrities.
Benzinga’s Take: It’s the most likely scenario that the similarly-named projects are benefiting from sharing a name with the apex meme lord of the cryptocurrency world and the rally in Kronos shares may have been misplaced.
Such a scenario won’t be unknown to the followers of the meme investing world, where Musk has sent assets ranging from Shiba Inu (SHIB) to MarsCoin (MARS) skyrocketing “accidentally.”
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.