Dogecoin Community Member Issues Vital Warning, What's Happening?

Cover image via U.Today

Mishaboar, a respected member of the Dogecoin community, has issued a warning about meme coins claiming intellectual property (IP) ownership. This advisory comes amidst a surge in meme coins seeking investor attention.

In a statement to the Dogecoin community, Mishaboar emphasized the potential risks associated with meme coins claiming IP ownership:

"Dear Dogecoin, an advice for those gambling on tokens. You cannot create or reinforce memes by owning IPs. Memes spread virally and are owned by nobody. They are decentralized, irrepressible, and uncontainable."

These coins often assert ownership over IPs as a deceptive tactic to attract investors.

Mishaboar further cautioned: "There are thousands of tokens out there for those who want to gamble. When you see tokens relying on tricks like 'we own the IP,' it's just bait. It means they got nothing and are trying to lure new buyers with hot air."

Mishaboar's warning serves as a call for vigilance within the Dogecoin community and the broader cryptocurrency market. As meme coins proliferate, investors must conduct thorough research, verify the authenticity of tokens, and resist the temptation of quick profits.

At the time of writing, Dogecoin, the leading dog-themed cryptocurrency by market capitalization, had declined by 0.53% over the past 24 hours to $0.148, reflecting the subdued trading activity in the cryptocurrency market. Dogecoin has experienced a downward trend for most of the week, influenced by diminished expectations for Federal Reserve interest rate cuts and reduced demand for risky assets.