Dogechain Developer Wallet Was Found To Be Dumping 1 Million DC Tokens Per Minute

@ZachXBT self-described “on-chain sluth” tweeted that wallets linked to developer Dogechain have started dumping DC tokens.

Dogechain launched DC tokens on August 24 via airdrop to eligible wallets. Eligibility criteria are any Dogechain wallet that interacted with the protocol before August 23. This requires adding Dogecoin liquidity (DOGE) to the protocol.

Reddit user u/evelynvee posted that the developer wallet mentioned by @ZachXBT is dumping 20 billion tokens received from the airdrop at a peak of 1 million tokens a minute.

According to u/evelynvee, DC token holders generally cannot dump their tokens because there is a fee of 8 million DC tokens to connect to the Ethereum chain, plus a minimum transfer of 9 million DC tokens ($16,000).

The official Dogechain Twitter page did not respond to requests for comment at the time of writing.

Dogecoin Foundation board member Jens Wiechers warned that Dogechain is not a related product and is disseminating false information to the contrary. Similarly, Dogecoin developer @cb_doge said it is “another fake token” and warned DOGE holders not to risk their meme-coins.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.