Mishaboar Sounds Alarm on Rising Dogecoin Frauds

A prominent member of the Dogecoin community, identified under the handle “Mishaboar,” issued a warning about the increasing prevalence of fraudulent schemes that specifically target DOGE holders.

Mishaboar reports that the number of new tokens that intentionally target the Dogecoin community has increased substantially.

This is often achieved through the misuse of the well-known cryptocurrency’s name or by associating themselves with particular Dogecoin events.

The message underscored the importance of exercising utmost prudence when confronted with these novel tokens, as the majority are illusory “pump-and-dump” schemes that purposefully exaggerate their worth before a precipitous depreciation.

Moreover, some may be long-term schemes whose value is intended to decline gradually over time.

Mishaboar issued a specific warning regarding tokens that manipulate the algorithms of unidentified platforms and take advantage of established trademarks.

He warned that the prices of these tokens might experience abrupt increases, which would entice buyers.

Nonetheless, a price collapse within a few hours is possible due to the possibility that trademark owners will close down associated channels and the risk that large holders will liquidate their holdings.

The communication advised Dogecoin owners to exercise prudence and discernment, emphasizing the sophisticated schemes and flagrant deceit frequently utilized by fraudulent individuals.

The counterparty’s warning was issued amid substantial volatility in DOGE quotations, which peaked at $0.01 last week but were followed on both occasions by token sell-offs, resulting in a return to values with three zeros in the price figure.