A prominent name in the Dogecoin community has raised alarms about the growing proliferation 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 attempting to capitalize on Dogecoin’s popularity. These fraudulent tokens, created almost daily, lure unsuspecting buyers with promises of big profits, only to see their value plummet after scammers dump the coins and the price plummets.
Scammers promoting fake tokens
In a recent post on social media platform
The Dogecoin community experienced phenomenal growth From the first meme tokens to now recently celebrated its 10th birthday. Dogecoin has been subject to: The many positive aspects of longevityget the support of Famous names like Elon Musk, which helped it rise to 9th place by market capitalization. Doge’s popularity led to the creation of other meme tokens, including: shiba inu and pepeWe have built our own ecosystem and have a supportive community.
However, meme tokens have been subject to negative impacts, one of which was suspicious actors attempting to steal money from community members. Several other Dogecoin clones and scam tokens have emerged over the years, hijacking the Dogecoin tag trademark to encourage people to buy them.
According to Mishaboar, proponents of these fraudulent tokens manipulate X’s algorithm to promote airdrops for their coins. After experiencing a price surge, large holders will dump their tokens, exiting with huge profits, and the price will collapse within hours.
to #DogecoinBe very wary of multiple tokens that often target the community either directly (by hijacking Dogecoin tags or targeting specific events) or indirectly.
Every day new tokens are created and pushed to this community. Most of these are short-term pump and dumps…
— Mishaboar (@mishaboar) December 9, 2023
DOGE market cap currently at $14.193 billion. Chart: TradingView.com
“Stay away from ads or posts that encourage you to receive free “airdrops.” No exceptions. “It’s also surprising that @X is still allowing ads with those keywords,” he said. tweeted.
to #Dogecoin And beginners,
Stay away from ads or posts that encourage you to receive free “airdrops.” No exceptions.
I was surprised too @X We are allowing ads containing that keyword to continue to appear.
Please report this scammer. Stay away.
When you see their posts, say something like this: pic.twitter.com/D4REI7WPlV
— Mishaboar (@mishaboar) December 10, 2023
The cryptocurrency space can be risky for some investors as it is constantly subject to influence. Various hacking and fraud methods. November was the costliest month of the year in terms of losses, with investors losing an estimated $363 million to exploits, hacks and fraud, according to blockchain auditing firm Certik. Specifically, the pump-and-dump scheme resulted in approximately $1.1 million being lost.
Combining all incidents in November, we found that approximately $363 million was lost due to exploits, hacks, and fraud.
This makes November the costliest month of the year
Exit fraud was ~$1.1 million.
The flash loan was approximately $45.5 million.
The value of the exploit is ~$316.4 million.
Check below for more details👇 pic.twitter.com/QoDy6d8IJH
— CertiK Alert (@CertiKAlert) November 30, 2023
What’s next for Dogecoin?
viceroy Finally surpassed the 0.1 dollar level It was traded for the first time this year on December 6 and has been trading in the area for the past few days. At the time of writing, DOGE is trading at $0.1 and is looking to gain a base above this price level. The cryptocurrency is already up 17.45% in 7 days, with on-chain indicators showing Additional price increase to $0.15.
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