Dogecoin Community Issues Warning About Fraud Tokens


The Dogecoin community has issued a caution against bogus Dogecoin and explorer-related websites.

The project at issue is “Dogechain,” which promises to integrate Dogecoin functionality such as NFTs and DeFi by placing “wrapped DOGE coins on the smart contract bridge.”

The Dogecoin development community, on the other hand, raised multiple warning flags about the project while dissociating themselves entirely.

Mishaboar, a popular Twitter account that focuses on Dogecoin, raised notice of this problem and urged Dogecoin users from placing DOGE in any such “bridge.”

The Dogecoin group gave a notice on its Twitter Account: “Over the last nine years, numerous tokens have swiftly risen and fallen. 1 Dogecoin Equals 1 Dogecoin, so there’s only one Dogecoin, that is its blockchain, and is not related to any tokens. Careful of imposters.”

In the past, there have been several imitations that sought to capitalise on the success of Dogecoin. According to U.Today, TeddyDoge (TEDDY), a Dogecoin fork whose price plunged by more than 99.94 percent in a single day, was a fake.

When its price plummeted by 91 percent, another clone, DogeMother, was revealed as a honeypot fraud. In the first half of 2021, Dogecoin saw an extraordinary rise, rising tens of thousands of percent to $0.76 in May before levelling down. Despite the price decline, fraudsters continue to attempt to benefit from the cryptocurrency’s popularity by tempting new investors with questionable tokens that usually turn out to be clear hoaxes.

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