If Dogecoin alone doesn’t satisfy your meme coin cravings, meet Doge-1—a new cryptocurrency token branded with the famous Shiba Inu face.
Doge-1 is a token built on a “love of science and space,” according to the token’s whitepaper. The token is relying on billionaire and SpaceX founder Elon Musk to pump the token as he did with Dogecoin, but that reality hasn't come to fruition yet.
What is Doge-1?
Doge-1 is a deflationary reward token in Doge on the BSC blockchain. Each token includes a smart contract with “frictionless yield and automatic liquidity generation,” according to a press release. Transaction taxes are 10 percent for purchases and 14 percent for sales (not including federal capital gains taxes for any profits you make upon the sale).
Doge-1 has a safeguard against whales thanks to a cap on what an individual’s wallet can hold and transact. It also has a buyback function that can burn tokens, which is a process intended to manually combat deflation.
Why Doge-1? It’s a token emulating the Doge-1 SpaceX satellite set to launch into outer space in early 2022. The Doge-1 crypto token isn't a Musk project, but it reflects his upcoming SpaceX venture.
Doge-1 tokens are available for presale.
Doge-1 presented a private sale open to a select community. The sale reportedly filled up in hours and Doge-1 didn't have to pursue an ICO (initial coin offering) with the public. Doge-1 is now taking sign-ups for a presale, which will account for 34 percent of the available tokens.
Once the presale goes through, Doge-1 will launch on decentralized exchange (DEX) PancakeSwap. Doge-1 aims to eventually hit the NFT marketplace.
How can investors score a spot in the Doge-1 presale launch?
The Doge-1 presale ends on Feb. 6. Signing up for the whitelist gives you the opportunity to become one of 100 winners who can purchase Doge-1 tokens beginning Feb. 7.
As of Jan. 31, the whitelist has 147,700 entries, which is a lot of competition. To sign up, provide your full name and email address.
If you aren’t one of the lucky presale winners, you should be able to purchase Doge-1 tokens on the secondary market.
Is Doge-1 legit?
Cryptocurrency scams are common. In 2021, crypto schemes plagued the alternative asset class with $7.7 billion stolen through various rug pulls, pump and dumps, and other scams, according to a Chainalysis report. Squid Coin, SaveTheKids, and a Poly Network hack are some of the biggest crypto scams that occurred last year.
Naturally, investors want to know if a token is legitimate before they buy-in. Considering that the token is only available for presale right now, no investor has been able to successfully buy and sell a position. It would behoove traders to ensure that a secondary market sale goes through without a hitch before locking in and purchasing Doge-1.
Musk hasn't acknowledged Doge-1 yet, but the new token is calling for attention. If Musk decides to pump Doge-1, there isn't a promise that it will retain a heightened value.