Dogecoin saw a rapid surge earlier this year, gaining billions in market value due to a strong push by billionaire Elon Musk. But several other cryptocurrencies based on the same popular Shiba Inu meme also spread at the same time to ride the Dogecoin madness. The Dogecoin Foundation, a non-profit organization founded in 2014 by the creators and supporters of the cryptocurrency, has now filed an official lawsuit with the US Patent and Trademark Office to ensure that the brand name is not misused. The problem is, there are nearly half a dozen others out there too, out to claim the name.
A trademark identifies the origin of goods or services and offers legal protection for a trademark. Originally created as a joke about the cryptocurrency universe and inspired by the 2013 Shiba Inu dog viral internet meme, Dogecoin received massive backing from Tesla and SpaceX CEO Musk and made impressive profits that year.
However, a dispute has broken out over this and several players want to own the popular Dogecoin brand, according to a report in the Wall Street Journal.
Among them is Moon Rabbit AngoZaibatsu, a Cook Islands-based company that has filed a claim to receive the Dogecoin brand in the United States and the European Union. Its founder Angel Versetti created a new Dogecoin on his company’s blockchain network and started another company called the Dogecoin Foundation in the Cook Islands after the original Dogecoin Foundation went inactive, the report said.
But the original Dogecoin Foundation has recently been revived. Billy Markus, the co-founder of Dogecoin and one of the foundation’s board of directors, told Benzinga last month that he was concerned about “brand trolling,” which means that some people try to register a brand with no intention of actually using it.
Dogecoin price in India was close to Rs. 20 (about $ 0.25) at the time of this writing, down from less than one rupee ($ 0.01) earlier this year.
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