A renowned developer in the Dogecoin (DOGE) community, Mishaboar, has warned members of the community to be cautious. The crucial warning was shared in an update on X, as he believes that some people are trying to profit from the Dogecoin brand.
Call for vigilance in Dogecoin ecosystem
Notably, Mishaboar charged DOGE holders and investors to avoid fake "official projects or organizations" that represent Dogecoin. He emphasized the decentralized nature of the meme coin, reminding holders that DOGE belongs to the community.
Hence, no single individual can claim to "officially" speak for Dogecoin, as that would be deceptive. Mishaboar noted that some centralized entities are leveraging the DOGE name to promote financial products like Dogecoin treasuries, exchange-traded funds (ETFs) and loan programs.
Dear Dogecoin, once again: there is no "official" organization or person representing Dogecoin.
Nobody and nothing can "officially" represent Dogecoin.
Any product pushed by somebody claiming to be "officially" representing Dogecoin is something you should stay away from.
He refers to these projects as "risky IOUs" because holders give up their DOGE and are left with only a promise that they will get them back. In his view, this places the investor at a disadvantage as they lose control of their Dogecoin.
Mishaboar maintains that such companies behind these offerings could collapse, leading to a massive loss for Dogecoin investors.
"As a retail user, you should stay away from all this crap. Do not lose your money to spineless morons that care only about themselves," he stated.
Mishaboar subtly reminded investors in the meme coin to avoid greed traps or being swayed by strong emotional messages on easy returns on investment. It is a warning for investors to stay sharp and not fall prey to schemes that could rob them of their assets in the long term.
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The developer’s warning might have been prompted by cases of fake schemes that ultimately defraud investors of their assets. Some malicious actors offer mouth-watering, easy returns just to get holders to part with their assets and make away with them later.
Dogecoin sees modest price surge amid market optimism
Meanwhile, on the crypto market, the meme coin is performing well, as Dogecoin exchanges hands at $0.1830, which represents a 4.89% increase in the last 24 hours. DOGE previously hit a peak of $0.1835, a signal that the meme coin has the potential to climb further.
Trading volume has also been bullish and is currently up by 31.33% to $2.01 billion. The spike in volume could have been triggered by renewed optimism on ETF filings.
The broader crypto market is also reacting to positive news about efforts to end the ongoing U.S. government shutdown. Investors are interpreting it as a bullish development for digital assets.
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