The Dogecoin Foundation has issued a statement distancing itself from a new copycat project called Dogecoin two.0 (DOGE2), firing off legal demands that the new meme coin change its proper name.

In a alphabetic character published on Tuesday, the Dogecoin Foundation asserts it has engaged brand protection lawyers to contact Dogecoin ii.0's developers in a bid to "protect the Dogecoin community from being misled and to protect the Dogecoin name from possible misuse."

Dogecoin 2.0's website indirectly throws shade at the original canine-themed crypto, stating:

"Dogecoin 2.0 aims to offering investors prolonged growth in utilizing a much more sustainable tokenomics structure than its somewhat inflated predecessor."

The Foundation'due south letter states that Dogecoin (DOGE) enthusiasts, or "Shibes," accept raised concerns about the new project. While the customs has historically welcomed new crypto projects, the foundation accuses Dogecoin 2.0 of co-opting the Dogecoin brand and reputation for its advantage.

Dogecoin 2.0 was launched at the start of May on the Binance Smart Chain. DOGE2 is currently trading at $0.04 afterward gaining more 100% in 24 hours with less than $100,000 worth of daily volume.

The public statement comes just weeks after the formal restoration of the Dogecoin Foundation after a half-dozen-year hiatus. The foundation will support cadre developers and projects working on Dogecoin and has attracted support from leading crypto figures, including Ethereum co-founder Vitalik Buterin and Tesla CEO Elon Musk.

Related: Team officially reestablishes Dogecoin Foundation after six years

Dogecoin has seen a huge rise in toll and popularity since the start of 2022.

According to CoinGecko, DOGE's price peaked in May at an all-time high of $0.68, before shedding more than than 73% of its value over the adjacent 2 months to exam a low of $0.18. DOGE is currently changing easily for roughly $0.30 afterward gaining 50% in August.

A number of other canine-themed crypto tokens accept emerged to cash in on Dogecoin'south recent hype, including DogeCash, UnderDog and Doge Token.

The near successful, Shiba Inu, has clustered a marketplace cap of $3.64 billion to rank as the 46th-largest crypto nugget, co-ordinate to CoinGecko.