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Dogecoin Community Issues Alert On Scam Tokens
The Dogecoin community has issued a warning against fakes that purport to be connected to Dogecoin and its Dogechain.info explorer.
Harshvardhan
9:59 29th Jul, 2022
Frauds

Dogecoin developer community has raised several red flags on scam projects.

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."

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."

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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