On Friday, a tweet was posted via the verified Dogecoin account. In the tweet, the Dogecoin community was warned to stay away from Dogecoin imitations. Because most such projects fail. Here are the details…
Warning to the Dogecoin community: Beware of scammers
Dogecoin, the world’s most popular and big meme coin, is in the portfolio of many investors. However, this also leads to the emergence of fakes. The team of the project, which recently warned DOGE investors, used the following statements in its latest tweet:
There have been many tokens that have come and gone rapidly in the past nine years. There is 1 Dogecoin = 1 Dogecoin and only one Dogecoin that has its own Blockchain and is not directly associated with any token. Beware of scammers.
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 own blockchain, and not directly associated with any tokens. Beware of imposters. pic.twitter.com/nHp2lTqmz6
— Dogecoin (@dogecoin) July 22, 2022
The popular dog meme token was launched as a prank in 2013 by developers Billy Markus and Jackson Palmer, who were trying to draw attention to almost cult cryptocurrencies like Bitcoin. However, in a way that both developers never expected; The product of a few minor tweaks to the Bitcoin code, this prank garnered a lot of attention and success in the community. In recent years, the token has received support from billionaires Mark Cuban and Elon Musk. Musk argued that DOGE is better for transactions than Bitcoin.
DOGE-inspired cryptocurrencies and fakes
As a result of this success, several Dogecoin-inspired tokens were created. Unfortunately, many are also scams that rely on Dogecoin’s popularity to lure investors. The latest in this category is DogeMother, a scam that freezes investor assets and prevents them from withdrawing after purchasing. Meanwhile, there have been other DOGE-inspired tokens that have taken the market by storm and have made remarkable strides. For example, the Shiba Inu debuted in 2021. It quickly became the most popular cryptocurrency despite continuing to follow Dogecoin by market cap.
It is worth noting that the Dogecoin community has seen increased activity lately with the addition of the meme coin to the metaverses. Specifically, a tweet today claims this is the “next financial evolution.” This flurry of activity was seen for the first time in more than a year when more than 80,000 daily transactions were recorded. As cryptokoin.com reported, the meme coin received a new core upgrade to improve its security, efficiency, and user interface. At the time of writing, DOGE is trading at the $0.06905 price point, down 0.54 percent in the last 24 hours but up 10.53 percent in the last seven days.
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