The renowned contributor and leader of the Dogecoin community, Mishaboar, has issued a warning. Recent events have seen the creator issue a critical cautionary note to other Dogecoin aficionados, asking them to proceed with great caution in light of the emergence of coins with the DOGE name on many networks.
But according to Mihaboar, these tokens are the invention of con artists and have nothing to do with the real Dogecoin. Mishaboar’s warning makes clear that these fraud artists are luring gullible investors with false pretences by using strategies like frozen liquidity, rejected contracts, and purportedly “unanonymous” teams.
The employment of a sizable fake wallet by these con artists to give the impression that they are not engaged in any dumping operations is one area of special concern. Actually, they airdrop their tokens to themselves or purchase them at a discount through whitelists, then covertly sell the tokens through a number of smaller wallets before advertising them.
Inverse development
Remarkably, there seems to be a correlation between the rise of DOGE impersonators and reports that Dogecoin would be included into Elon Musk’s X platform. There has been much talk about the digital entrepreneur’s aspirations to turn Twitter into a super app with features similar to an investing bank.
There have been rumours that X may incorporate Dogecoin for payments because it just acquired licences to move money in three states in the United States. Scammers always appear where there is excitement and attention, which is the case with the cryptocurrency market. This is evident in the recent XRP and Ripple instance.
