DOGE Contributor Issues Warning: Scams Targeting Dogecoin Community on Rise
A leading figure within the Dogecoin community, known by the alias “Mishaboar,” issued a cautionary message regarding the growing number of scams targeting DOGE holders.
According to Mishaboar, there has been a significant rise in new tokens deliberately targeting the Dogecoin community, frequently by misusing the popular cryptocurrency’s name or associating themselves with specific Dogecoin events.
The message emphasized the need for extreme caution when encountering these new tokens, as most are short-term “pump-and-dump” schemes designed to artificially inflate their value before a sharp decline. Additionally, some may be long-term schemes designed to slowly decrease in value over time.
Mishaboar specifically cautioned against tokens exploiting existing trademarks and manipulating the algorithms of unnamed platforms. He warned that these tokens may experience sudden price surges, enticing individuals to purchase them.
However, the risk of large holders dumping their holdings, coupled with the potential for trademark owners to shut down associated channels, could lead to a rapid price collapse within just a few hours.
These scams are fueled from complex schemes to blatant lies, but in a way or in another you see people falling for their schemes in the hope of catching the next “train”.
Greed plays a part, but so does ignorance (not to mention, the world of ETH tokens and contracts is far too…
— Mishaboar (@mishaboar) December 9, 2023
The message urged Dogecoin holders to exercise caution and discernment, highlighting the intricate schemes and blatant lies often employed by scammers.
The warning of the counterparty was sounded against the background of significant volatility of DOGE quotes, which last week reached the value of $0.01, but both times this zone was followed by token sell-offs and, as a consequence, falling back to the values with three zeros in the price figure.