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Scam Alert: Dogecoin Community Warns of Fraudulent New Token

Tue, 01/10/2023 - 13:25
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Tomiwabold Olajide
Users beware as Dogecoin community issues alert on new scam token
Scam Alert: Dogecoin Community Warns of Fraudulent New Token
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Inevitable 360, a Dogecoin developer, has drawn attention to a purported scam token, DOGE-1 Token. "DOGE-1 Token, they are using the space mission name to fool shibes," he wrote in a tweet.

Doge-1 Mission to the Moon, or DOGE-1, is a BEP20 token that claims to provide rewards in Dogecoin (DOGE). It also describes itself as a "blockchain that rewards holders with reflections in Dogecoin that are funded by transaction taxes." The Doge-1 token also says that there is a limit on how many tokens a wallet can hold and transact with.

While claims on the status of DOGE-1, obviously a meme token, are yet to be ascertained, the fact that "it provides rewards in Dogecoin" might seem concerning.

The Doge-1 mission was announced in May 2021 by billionaire and Tesla CEO Elon Musk. The mission's goal is to place a satellite in lunar orbit, and it is anticipated that Dogecoin will be used to fund it.

DOGE-1, the first crypto-funded mission to the moon, is the result of a collaboration between two blockchain companies and its manufacturer, Geometric Energy Corporation, also known as GEC.

As of right now, Elon Musk has not provided any information regarding a potential launch date. Additionally, the SpaceX team has not yet issued a formal statement regarding the launch.

The only indication of a potential launch date came from Dogecoin's graphic designer, DogeDesigner, who tweeted that the launch of the space expedition should take place on or before March 2023.

By market value, Dogecoin is presently the ninth largest cryptocurrency on the market. On Monday, it reached a three-week high of $0.0787 before falling back to $0.076 as of the time of publication. DOGE is also up 6.53% in the last seven days.

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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.