Mishaboar, a well-known Dogecoin user, has cautioned against investing in meme currencies that make intellectual property (IP) claims. This advice is issued at a pivotal moment when there are a tonne of meme currencies competing for investors’ attention on the market.
Mishaboar brought attention to the potential dangers of meme currencies that assert intellectual property rights in a message directed towards the Dogecoin community.
“A word of caution for token gamblers, dear Dogecoin. Holding IPs prevents you from making or spreading memes. Memes are unowned and become viral quickly. They are uncontrollable, irrepressible, and decentralised,” the author stated.
https://x.com/mishaboar/status/1783848835095183632
These coins frequently make false claims to be the owners of particular intellectual property, which can be a deceptive ploy to draw in gullible investors.
Mishaboar cautioned, saying, “Those who like to bet can find thousands of tokens available. It’s merely bait when tokens rely on fallacies like “we own the IP.” It indicates that they are a fraud and are only using deception to get new customers.”
The caution issued by Mishaboar serves as a reminder to the Dogecoin community and the larger cryptocurrency market to exercise caution.
Investors may need to perform in-depth research, confirm the legitimacy of these tokens, and resist the temptation of making rapid profits as meme coins continue to spread.
Dogecoin, the first and biggest cryptocurrency with a dog theme by market capitalization, was down 0.53% to $0.148 as of this writing, reflecting the sluggish trading activity in the overall cryptocurrency market.
Since Monday, Dogecoin’s value has dropped throughout the majority of the week—three of the five days. Lower expectations for interest rate reduction by the Federal Reserve have contributed to the declining demand for riskier assets like cryptocurrency.
