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

TL;DR

• One Dogecoin developer cautioned the community to avoid people promoting dubious tokens resembling Dogecoin’s name.

• DOGE’s price is heating up after a solid week, with analysts predicting a potential surge toward $0.29 and even new highs.

DOGE Community, Stay Alert

The biggest meme coin has one of the largest and most devoted community bases across all cryptocurrencies, making it a prime target for fraudulent schemes. 

The pseudonymous developer and prominent contributor in the Dogecoin ecosystem, who goes by the X moniker inevitable360 recently issued an important warning.

They advised community members to stay away from anyone promoting tokens that resemble the OG meme coin’s name. The X user opined that those should be taken as schemes since they don’t have their own blockchain, like Dogecoin or Bitcoin, for example. 

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

The cautionary note follows Dogecoin’s recent advancements, which have fueled optimism within the community. Last week, 21Shares teamed up with the House of Doge to launch Dogecoin ETP on the SIX Swiss Exchange. The product is 100% physically backed, “offering a transparent and seamless way” for investors to gain exposure to the asset through traditional financial channels.

Additionally, 21Shares filed with the US Securities and Exchange Commission (SEC) for approval to introduce a spot Dogecoin ETF. Thus, it followed the example of Grayscale and Bitwise, which have previously displayed such intentions. As of this writing, the chances of an approved spot DOGE ETF before the end of 2025 stand at around 64%. 

DOGE Price Outlook

The warning also comes after a successful week for the token, during which its price has risen by almost 20%. Currently, it trades at around $0.16, while the market capitalization stands just south of $25 billion.

Some analysts believe the uptrend is still at its starting point, envisioning further gains in the short term. Ali Martinez claimed a close above $0.17 could open the door to an upswing to $0.21 or $0.29 as long as Dogecoin holds the key $0.13 support.

The X user JAVON MARKS is even more optimistic. They think DOGE looks ready to put on “yet another magical bullish performance” to a new all-time high.