Dogecoin (DOGE) Scam Warning: Don’t Fall for This Dangerous Trap

TL;DR

A Dogecoin developer warned the community about fraudulent tokens mimicking Dogecoin's name. DOGE's price is rising, with analysts predicting potential increases.

Dogecoin Community: Stay Vigilant

Dogecoin's large and dedicated community makes it a target for scams. A prominent Dogecoin developer, using the X handle inevitable360, cautioned against tokens imitating Dogecoin's name. They emphasized that these tokens, unlike Dogecoin or Bitcoin, typically lack their own blockchain, indicating fraudulent intent. The developer added, "If someone really wants to help others or save dogs, they don't need any token, no matter the excuse."

Recent Developments and Price Outlook

This warning follows positive developments for Dogecoin. Last week, 21Shares partnered with the House of Doge to launch a Dogecoin ETP on the SIX Swiss Exchange, offering investors traditional market access to the asset. Furthermore, 21Shares filed with the SEC for approval of a spot Dogecoin ETF, mirroring similar applications from Grayscale and Bitwise. The probability of an approved spot DOGE ETF before the end of 2025 is estimated at approximately 64%.

Dogecoin's price has increased nearly 20% this past week, currently trading around $0.16 with a market capitalization of roughly $25 billion.

DOGE Price, Source: CoinGecko

Analysts remain bullish. Ali Martinez suggests a price close above $0.17 could lead to a rise to $0.21 or even $0.29, provided the $0.13 support holds. Another analyst, JAVON MARKS on X, is even more optimistic, predicting a new all-time high.

This post originally appeared on CryptoPotato.