This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.
You're reading Entrepreneur United States, an international franchise of Entrepreneur Media.
Doge Yellow Coin ( DOGEY ), is a new cryptocurrency , which was launched on November 1 and that will emulate dogecoin with the help of Elon Musk, as promoted on their social networks and website . According to the website of this cryptocurrency, DOGEY is a Carpet-proof deflationary BEP20 token on Binance Smart Chain.
Dogeyellow vía web
According to the information in its whitepaper , DOGEY is completely decentralized and its main goal is to bring cryptocurrencies to the majority of the population, while helping save needy dogs. It will include new concepts such as rewards, NFTS , decentralized exchanges, and credit card for crypto payment on its website.
Image: DogeYellowCoin1 via Twitter.
DOGEY was created with 10x faster blocks, speeds, and cheaper gas rates since its construction on top of Binance Smart Chain .
- It may interest you: How to invest in cryptocurrencies without buying a single token?
This new cryptocurrency was created by members of the Doge Coin online community. DOGEY has a built-in smart stakeout system, built to reward its users, so more DOGEYs will be automatically added to users' account on every transaction.
"Just love, pet and take care of your DOGEY so that it grows"
The more DOGEY your users have, the more tokens they will earn. As they sell their coin, the value increases because it is automatically burned. So it creates an ecosystem that encourages investors to keep their tokens and enjoy the rewards.
- It may interest you: Cryptocurrencies as a means of payment: everything you have to know before implementing it in your SME
The brand of this cryptocurrency gives those interested a series of steps to acquire it:
- Download MetaMask (a crypto wallet in the form of a browser extension) or TrustWallet (an application for the phone). After that, users need to add B inance Smart Chain to their network list.
- Users must buy BNB on an exchange (i.e. Binance, Kraken, Coinbase , etc.). They must then transfer the tokens to their MetaMask wallet address. BEP-20 addresses start with "0x"
- Users must go to PancakeSwap or use a certain address to select DOGEY . The user will set the slip tolerance to 15%, which can sometimes be a bit more, depending on demand.
- User must exchange BNB for DOGEY . You must next add DOGEY to your MetaMask or Trust Wallet to see your DOGEY .
Importantly, Elon Musk has not made any official comment or statement regarding his support for this cryptocurrency, even though we continually observe him tweeting about Dogecoin and other digital assets.
- Read: Cryptocurrencies in Mexico, is it a good way to invest?