TL;DR
- One Dogecoin developer cautioned the community to avoid people promoting dubious tokens resembling Dogecoin’s name.
- DOGE’s price is heating up after a solid week, with analysts predicting a potential surge toward $0.29 and even new highs.
DOGE Community, Stay Alert
The biggest meme coin has one of the largest and most devoted community bases across all cryptocurrencies, making it a prime target for fraudulent schemes.
The pseudonymous developer and prominent contributor in the Dogecoin ecosystem, known as inevitable360, recently issued an important warning.
They advised community members to stay away from anyone promoting tokens that resemble the OG meme coin’s name, asserting that these should be regarded as schemes since they lack their own blockchain, unlike Dogecoin or Bitcoin.
“If someone really wants to help others or save dogs, don’t need any token no matter the excuse,” the developer added.
This cautionary note follows Dogecoin’s recent advancements, which have fueled optimism within the community. Last week, 21Shares teamed up with the House of Doge to launch a Dogecoin ETP on the SIX Swiss Exchange. The product is 100% physically backed, offering a transparent and seamless way for investors to gain exposure to the asset through traditional financial channels.
Additionally, 21Shares filed with the US Securities and Exchange Commission (SEC) for approval to introduce a spot Dogecoin ETF, following the example of Grayscale and Bitwise, which have previously expressed similar intentions. As of this writing, the probability of a spot DOGE ETF approval before the end of 2025 stands at around 64%.
DOGE Price Outlook
The warning also comes after a successful week for the token, during which its price has risen by almost 20%. Currently, it trades at around $0.16, while the market capitalization hovers just below $25 billion.
Some analysts suggest that the uptrend is just beginning, envisioning further gains in the short term. Ali Martinez claimed that a close above $0.17 could open the door to an upswing to $0.21 or $0.29, as long as Dogecoin maintains support at $0.13.
The X user JAVON MARKS is even more optimistic. They believe DOGE appears ready for “yet another magical bullish performance” leading to a new all-time high.
The post Dogecoin (DOGE) Scam Warning: Don’t Fall for This Dangerous Trap appeared first on CryptoPotato.
