A popular name in the Dogecoin community has raised alarm about the increasing prevalence of scam tokens specifically targeting Dogecoin community members. According to Mishaboar, an avid Dogecoin enthusiast, the community has recently been targeted by a series of “pump and dump” scam coins looking to capitalize on Dogecoin’s popularity. These scam tokens which are created almost every day, lure in unsuspecting buyers with promises of huge gains, only to crash in value after the scammers dump their coins leading to a collapse in price.
Scammers Promoting Fake Tokens
In a recent post on social media platform X, Mishaboar warned members of the community of actors making use of the Dogecoin tag or targeting specific events to entice unsuspecting victims.
The Dogecoin community has experienced phenomenal growth from its days as the first meme token, to recently celebrating its 10th birthday. Dogecoin has been subject to various positives in its lifespan, gaining the support of popular names like Elon Musk, which has helped it climb to the 9th spot in terms of market cap. Doge’s popularity has given rise to other meme tokens like Shiba Inu and PEPE, which have gone on to build their own ecosystems and garner a support community.
However, the meme token has also been subject to negatives, one of which is dubious actors looking to steal money from members of the community. Several other Dogecoin copycats and scam tokens have appeared over the years, hijacking the Dogecoin tag trademark to encourage people to buy
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Author: Scott Matherson
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