Dogecoin (DOGE) Foundation Developer Warns of Potential Scams Targeting Community

A Dogecoin (CRYPTO: DOGE) developer has warned of potential scams and urged users to exercise caution as certain projects attempt to capitalize on the coin’s popularity.

What Happened: In a recent tweet, Dogecoin developer Inevitable360 issued an alert to the crypto community.

“Anyone promoting a token (it’s not a Coin like Dogecoin or Bitcoin because don’t have their own Blockchain) should be taken as a scheme, saying this, be careful with things that some shibes are trying to promote like #Dogevan,” the developer said.

“If someone really wants to help others or save dogs, don't need any token no matter the excuse.”

The developer’s warning comes as Dogecoin makes recent progress, sparking optimism among the community.

On Friday, the Dogecoin Foundation announced the release of version 0.1.4 of Libdogecoin, a foundational C library designed to simplify the integration of Dogecoin into diverse applications.

Since the 0.1.3 release in February 2024, substantial progress has been made on Libdogecoin, encompassing support for Dogebox, SPV PUP (a lightweight node service) and enhanced key management functionality.

The 0.1.4 release includes Intel and ARM performance improvements, adds REST API extensions for the SPV node, expands secure enclave support and introduces YubiKey hardware key storage.

Earlier in the week, 21Shares, one of the world’s largest issuers of cryptocurrency exchange-traded products (ETPs), announced exclusive cooperation with the House of Doge to launch a Dogecoin ETP, which will be listed on the SIX Swiss Exchange under the ticker DOGE.

The Dogecoin Foundation is currently developing Fractal Engine, an open-source sidechain protocol project that will enable fractionalized tokens such as NFTs and real-world assets (RWAs) on Dogecoin by storing data off-chain, keeping the Layer 1 blockchain lean and uncluttered with a lightweight approach.