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The Doge community has warned about scam projects claiming to have links to Dogecoin and its Dogechain.info explorer. Mired by allegations of bans and monopoly, several Doge users are raising alarms and dissociating themselves from the new Dogechain token.
Alerts Across the Doge Community
A project dubbed “Dogechain” emerged in crypto circles some weeks ago. Dogechain claims to supply the Doge community with offerings such as non-fungible tokens and decentralized finance. According to the creators, the project achieves this by placing wrapped DOGE tokens on the smart contract bridge.
However, the project has kicked up an uproar among Doge users. The community has pointed out several issues with the setup while at the same time distancing itself from it. Some days ago, a warning went up on the official Dogecoin account saying there is only 1 Dogecoin. As the post noted, in the 9 years of the token’s existence there have been several scams and knock-off projects. Regardless, there is only 1 DOGE.
There have been many tokens over the past nine years that have quickly come and gone. 1 Dogecoin = 1 Dogecoin, and there is only one Dogecoin, which is its own blockchain, and not directly associated with any tokens. Beware of imposters. pic.twitter.com/nHp2lTqmz6
— Dogecoin (@dogecoin) July 22, 2022
Susceptibility to Scams
A Doge-focused account by the name of Mishaboar posted tweets calling attention to the matter and reiterating the warning. Mishaboar advised the Doge community to avoid interacting with the new chains currently flooding the space.
According to Mishaboar, the goal of these projects is to get Doge users to put their tokens into their bridge and chain. By doing this, Doge holders essentially place their funds in the hands of these scam creators and get worthless coins in return. Especially considering the slew of “red flags” relentlessly uncovered by the Doge community.
Users Point Out Red Flags
Other Twitter users highlighted red flags relating to the project such as how the company behind Dogechain is no longer operational. RichDevX revealed the firm LDA, received a suspension notice just over a year ago. This way, they insinuate everything the company has done so far has been illegal.
A user dubbed CalisCihan shared a screenshot of a Twitter thread posted by the Dogechain founder and dev. In the post, dated back to 2021, the founder explained why their last token project failed due to a supposed hack.
Need any more red flags?”CalisCihan asked.
Similarly, some detractors have highlighted Dogechain’s choice to assign 40% of the token’s distribution to its team.
In essence, the Doge community is in something of an uproar over the situation. As Misha pointed out, Dogechain is essentially “hijacking the reputation of a well-known service.”
Of late, this is not the first project that has attempted to piggyback off Dogecon’s success. A few failed knockoffs include TeddyDoge and DogeMother.