Dogecoin slumped 5% and dropped below $0.20 as the overall cryptocurrency market tumbled slightly. However, an altcoin that is a copy of DOGE performed notably, unlike DOGE. A coin named Buff Doge Coin (DOGECOIN) rose by over 1,000 percent in 24 hours, from $0.000000002494 to over $0.0000003. Then it went down.
DOGE clone rose hard
As we reported , besides the decline of many cryptocurrencies such as Bitcoin, Ethereum, ADA, BNB, Dogecoin (DOGE) is also in a downward trend, while a DOGE inspired coin has increased by almost 1,000 percent in the past days. Although it had a pullback at the time of writing, a cryptocurrency with a DOGECOIN ticker showed a sudden rise.
Buff Doge Coin advertises itself as the “buff” version of Dogecoin. Buff Doge Coin says it was founded due to the popularity of Dogecoin with the aim to become the “King of Memes”. So, what are the features of Buff Doge Coin?
Buff Doge Coin (DOGECOIN) features
According to the information on CoinMarketCap, Buff Doge Coin has several unique features. One is that it is hyper-deflationary, with each coin burn targeting twice the amount of the previous one. Coin burns will be very frequent, so 100 percent of the remaining supply of the current Buff Doge Coin will be burned.
1,000,000 tokens will be burned during the first burning, 2,000,000 tokens during the second burning, 4,000,000 tokens for the 3rd, and 8,000,000 tokens for the 4th. In this way, trillions of Buff Doge Coins will be burned as a result of the staggered burnings. According to the white paper, the Buff Doge Coin protocol works like this: On every transaction, the transaction is taxed if the transaction is a 10% fee, which is halved.
The 5 percent fee is redistributed to all existing owners. Of the 50/50% fee, half of which is sold on contract to BNB, 5 percent is split, while the other half of Buff Doge Coin is automatically paired with the previously mentioned BNB and added as a liquidity pair on Pancake Swap. To ensure the safety of the owners, liquidity was locked in DXsale. According to their statement, some of the profits of the Buff Doge Coin coming to the developers will be donated to animal shelters and environmental problems such as rebuilding forests to prevent global warming.