Dogecoin Community Issues A Warning Regarding Scam Tokens

The Dogecoin community has warned users to be wary of fakes that claim to be associated with the cryptocurrency and its Dogechain block explorer.

The project at hand is called “Dogechain,” and it makes the claim that putting “wrapped DOGE coins on the smart contract bridge” will enable DOGE to support NFTs and DeFi.

However, the DOGE developer community raised multiple red flags about the project while severing all ties with it.

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

A warning was posted by the DOGE team on its official Twitter account:

“There have been many tokens over the past nine years that have quickly come and gone. 1 DOGE = 1 DOGE, and there is only one Dogecoin, which is its blockchain, and not directly associated with any tokens. Beware of imposters.”

Several Dogecoin ripoffs turn out to be frauds

A lot of fraudulent knockoffs have made an effort to capitalize on DOGE’s success in the past. TeddyDoge (TEDDY), a DOGE scam, was revealed to be a fraud, after seeing a price decline of more than 99.94% in a single day. When DogeMother’s price dropped by 91%, it became clear that it was a honeypot fraud.

DOGE had an extraordinary surge in the first half of 2021, rising tens of thousands of percent to record highs of $0.76 in May 2021, before things started to slow off. Even though the price has dropped, fraudsters are still trying to take advantage of its popularity by luring in new investors with dubious tokens that frequently end up being transparent hoaxes.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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