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July 29, 2022

Dogecoin warns about scam tokens

The Dogecoin community has cautioned users to be aware of imposters claiming affiliation with the cryptocurrency and its Dogechain block explorer.

The current endeavor is known as “Dogechain,” and it asserts that by placing “wrapped DOGE coins on the smart contract bridge,” the cryptocurrency DOGE will be able to support both NFTs and DeFi.

Despite this, the DOGE development community immediately severed all links with the project after raising many red flags about it.

Mishaboar, a popular Twitter account that focuses on Dogecoin, brought attention to this problem and urged DOGE users from placing their DOGE on any such “bridge.”

On the official Twitter account that it maintains, the DOGE team issued a warning, saying:

Over the course of the previous nine years, there have been plenty of tokens that have rapidly come and gone. There is just one Dogecoin, which is its blockchain, and it is not directly related to- any tokens. One Dogecoin is equal to one Doge, and there is only one. “Be on the lookout for impostors.”

In the past, there have been a great number of fake imitations that have attempted to profit off DOGE’s popularity. The DOGE token known as TeddyDoge (TEDDY) had a price drop of more than 99.94 percent in a single day when it was discovered to be part of a scam involving the cryptocurrency known as Dogecoin. As soon as the price of DogeMother plummeted by 91 percent, it was very evident that it was a honeypot scam.

Before things began to slow down, DOGE had an amazing boom in the first half of 2021, soaring to record highs of $0.76 in May 2021 after having risen by tens of thousands of percent earlier in the year.

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Fraudsters are still attempting to profit from the cryptocurrency’s popularity despite the fact that its price has decreased by using questionable tokens to attract new investors. These tokens usually wind up being obvious hoaxes.