Under the pseudonym “Mishaboar,” a prominent member of the Dogecoin community, a warning was sent out about the increasing amount of scams that target DOGE holders.
Mishaboar reports that there has been a notable increase in new tokens that are specifically aimed at the Dogecoin community. Often, this is done by abusing the name of the well-known cryptocurrency or by connecting themselves with certain Dogecoin events.
The letter stressed that these new tokens should be handled with extreme caution since the majority are short-term “pump-and-dump” operations that aim to artificially increase their value prior to a precipitous collapse. Moreover, some can be long-term plans with a gradual value decline planned.
Mishaboar explicitly advised against tokens that take use of registered trademarks and tamper with the algorithms of platforms that aren’t mentioned. He issued a warning that these tokens would see unexpected price spikes that would tempt others to buy them.
But the possibility of significant holders liquidating their shares and the possibility of trademark owners blocking related channels might cause a sharp drop in price in a matter of hours.
https://x.com/mishaboar/status/1733537653935513686?s=20
The letter, which highlighted the complex plots and obvious falsehoods frequently used by con artists, advised Dogecoin owners to use caution and judgement.
The counterparty issued the warning in light of the recent high volatility of DOGE quotations, which hit $0.01 last week. However, on both occasions, token sell-offs followed this zone, causing the price figure to drop back to the values with three zeros.
