A Dogecoin developer recently warned the community about a new scam attempt involving suspicious token promotions. Despite the crypto world being decentralized, scams have been increasing, especially with assets like Dogecoin (DOGE).
Dogecoin Developer Warns About New Scam
A Dogecoin developer, known as ‘inevitable360,’ shared a warning on X (formerly Twitter) about a new scam targeting the DOGE community. He cautioned users about suspicious tokens trying to associate themselves with Dogecoin’s name and mission.
The developer explained that any digital asset promoted as a “token” rather than a full cryptocurrency (like Dogecoin or Bitcoin) could be a scam. He pointed out that Dogecoin and Bitcoin have their own independent blockchains, which make them legitimate, unlike tokens that often lack such support.
One example of a suspicious project is “Dogevan,” which some members of the Dogecoin community have been promoting. However, inevitable360 did not reveal details about the project or its creators. He advised everyone to be cautious and not assume these projects are officially linked to Dogecoin.
The key concern is that scammers might use Dogecoin’s strong community and reputation to attract attention or funding for their misleading projects. The developer reminded the community that real charitable efforts don’t need to create or promote tokens.
DOGE Price Outlook
While scams continue to rise, Dogecoin's price has been struggling, sitting at $0.16. However, crypto analyst Javon Marks predicts a potential 200% to 300% increase in DOGE’s value, possibly reaching over $0.73. Marks suggests that Dogecoin could be gearing up for a big price surge, pointing to a historical pattern called the “Falling Wedge,” where prices often break out and rise sharply after a similar formation.
In short, while the Dogecoin community faces scam risks, there’s hope for a price rebound in the near future.
