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Dogecoin Community Issues Alert on Scam Tokens

Fri, 07/29/2022 - 14:48
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Tomiwabold Olajide
Dogecoin developer community has raised several red flags on scam projects
Dogecoin Community Issues Alert on Scam Tokens
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The Dogecoin community has issued a warning against fakes that purport to be connected to Dogecoin and its explorer.

The project at issue is "Dogechain," which claims to bring utility such as NFTs and DeFi to Dogecoin, which it says is made possible by putting "wrapped DOGE coins on the smart contract bridge."

The Dogecoin developer community, however, raised several red flags concerning the project while dissociating completely from it.

Popular Dogecoin-focused Twitter account Mishaboar raised awareness of this issue and cautioned Dogecoin users against putting their DOGE in any such "bridge."

A warning was posted by the Dogecoin team on its official Twitter account: "There have been many tokens over the past nine years that have quickly come and gone. 1 Dogecoin = 1 Dogecoin, and there is only one Dogecoin, which is its blockchain, and not directly associated with any tokens. Beware of imposters."

Several Dogecoin knockoffs end up being scams

In times past, there have been plenty of fake knockoffs that have attempted to profit from the popularity of Dogecoin. According to U.Today, TeddyDoge (TEDDY), a Dogecoin rip-off, turned out to be a hoax after its price dropped by more than 99.94% in a single day.

Another copycat, DogeMother, turned out to be a honeypot scam when its price dropped by 91%.

Before cooling off, Dogecoin experienced an incredible rally in the first half of 2021, increasing tens of thousands of percent to record highs of $0.76 in May 2021. Despite the cool-off in price, scammers still try to profit from its popularity by attracting new investors with dubious tokens that frequently turn out to be obvious scams.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

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