A popular name in the Dogecoin community has raised alarm about the increasing prevalence 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 looking to capitalize on Dogecoin’s popularity. These scam tokens which are created almost every day, lure in unsuspecting buyers with promises of huge gains, only to crash in value after the scammers dump their coins leading to a collapse in price.

Scammers Promoting Fake Tokens

가짜 토큰을 홍보하는 사기꾼

In a recent post on social media platform X, Mishaboar warned members of the community of actors making use of the Dogecoin tag or targeting specific events to entice unsuspecting victims.

The Dogecoin community has experienced phenomenal growth from its days as the first meme token, to recently celebrating its 10th birthday. Dogecoin has been subject to various positives in its lifespan, gaining the support of popular names like Elon Musk, which has helped it climb to the 9th spot in terms of market cap. Doge’s popularity has given rise to other meme tokens like Shiba Inu and PEPE, which have gone on to build their own ecosystems and garner a support community.

However, the meme token has also been subject to negatives, one of which is dubious actors looking to steal money from members of the community. Several other Dogecoin copycats and scam tokens have appeared over the years, hijacking the Dogecoin tag trademark to encourage people to buy in.

그러나 밈 토큰은 부정적인 영향을 받았는데, 그 중 하나는 커뮤니티 구성원으로부터 돈을 훔치려는 의심스러운 행위자였습니다. 여러 다른 Dogecoin 모방범과 사기 토큰이 수년에 걸쳐 등장하여 사람들의 구매를 장려하기 위해 Dogecoin 태그 상표를 탈취했습니다.

According to Mishaboar, proponents of these scam tokens manipulate X’s algorithm to promote airdrops for their coins. After experiencing a price surge, large holders will dump their tokens and slip away with huge profits, and prices collapse in a few hours. 

Dear #Dogecoin, be extremely careful with the several tokens targeting the community, often directly (hijacking the Dogecoin tag or targeting specific events) or indirectly.

#Dogecoin님께, 직접적으로(Dogecoin 태그를 탈취하거나 특정 이벤트를 표적으로 삼는 경우) 또는 간접적으로 커뮤니티를 표적으로 삼는 여러 토큰에 매우 주의하시기 바랍니다.

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

“Stay away from ANY ad or post encouraging you to get free “airdrops”. No exception. I am even surprised @X is still allowing ads containing that keyword to run,” he tweeted.

“무료 “에어드롭”을 받도록 권유하는 광고나 게시물을 멀리하세요. 예외 없음. @X가 여전히 해당 키워드가 포함된 광고를 허용하고 있다는 사실에 놀랐습니다.”라고 그는 트윗했습니다.

Dear #Dogecoin and newbies,

친애하는 #Dogecoin 및 초보자 여러분,

stay away from ANY ad or post encouraging you to get free “airdrops”. No exception.

I am even surprised @X is still allowing ads containing that keyword to run.

@X가 여전히 해당 키워드가 포함된 광고를 허용하고 있다는 사실도 놀랍습니다.

Report these scammers. Stay away.

When you see their posts, just say: pic.twitter.com/D4REI7WPlV

— Mishaboar (@mishaboar) December 10, 2023

— 미샤보어(@mishaboar) 2023년 12월 10일

The crypto space can be treacherous to some investors, as it is continuously subject to various hacks and scam methods. According to blockchain audit company Certik, November was the most damaging month of the year in terms of losses, with investors losing approximately $363 million to exploits, hacks, and scams. Approximately $1.1 million was lost to pump and dump schemes in particular.

#CertiKStatsAlert

#CertiKStatsAlert

Combining all the incidents in November we’ve confirmed ~$363M lost to exploits, hacks and scams

This makes November the most damaging month this year

Exit scams were ~$1.1M

출구 사기는 ~ 110 만 달러였습니다.

Flash loans were ~$45.5M

Exploits were ~$316.4M

See more details below pic.twitter.com/QoDy6d8IJH

자세한 내용은 아래를 참조하세요. pic.twitter.com/QoDy6d8IJH

— CertiK Alert (@CertiKAlert) November 30, 2023

— CertiK 경고(@CertiKAlert) 2023년 11월 30일

What’s Next For Dogecoin?

DOGE finally broke the $0.1 level for the first time this year on December 6 and has traded around the region for the past few days. At the time of writing, DOGE is trading at $0.1, looking to gain a footing above this price level. The crypto is already up by 17.45% in a 7-day timeframe and on-chain metrics point to a further price increase to $0.15.   

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