Mishaboar complains that creators of new dog-themed tokens are exploiting the Dogecoin brand to defraud unsuspecting investors. These new tokens emerge daily, with most operating as short-term pump-and-dump schemes. Some fraudulent projects may initially appear legitimate, attempting to earn the trust of users and collect more funds from them.
These copycat tokens often experience sudden price spikes, tempting people to buy in due to the fear of missing out. However, once organizers illegally using the Dogecoin logo close their communication channels, the tokens collapse within hours, warns Mishaboar, advising followers to remain cautious.
Dear #Dogecoin, be extremely careful with the several tokens targeting the community, often directly (hijacking the Dogecoin tag or targeting specific events) or indirectly.
New tokens are created every day and pushed to this community. Most of these are short-term pump-and-dump…
— Mishaboar (@mishaboar) December 9, 2023
The board member advises investors to thoroughly analyze projects they wish to invest in, even if the creators claim any association with Dogecoin.
Last year, the Dogecoin Foundation registered the names Doge, Dogecoin, and associated logos as trademarks in the European Union. This move aimed to protect users from scammers and extortionists.