Dogecoin, the memecoin has the largest and most dedicated community among all cryptocurrencies, making it a prime target for scams. An anonymous developer and prominent contributor to the Dogecoin ecosystem, known by the alias X as irresoluction360, recently issued an important warning.
They advise community members to stay away from anyone promoting tokens similar to the name of the OG memecoin. User X believes that these should be considered schemes because they do not have their own blockchain, such as Dogecoin or Bitcoin.
The developer added: “If someone really wants to help others or save dogs, then no token is needed regardless of the reason.”
This warning note follows the recent advancements of Dogecoin, which have fueled optimism in the community. Last week, 21Shares partnered with House of Doge to launch a Dogecoin ETP on the SIX Swiss Exchange. The product is 100% physically backed, “providing a transparent and seamless way” for investors to access the asset through traditional financial channels.
Additionally, 21Shares has submitted an application to the United States Securities and Exchange Commission (SEC) to seek approval for the introduction of a spot Dogecoin ETF. Consequently, they have followed the lead of Grayscale and Bitwise, companies that have previously expressed such intentions. As of the time of writing, the likelihood of a spot DOGE ETF being approved before the end of 2025 is approximately 64%.
DOGE Price Outlook
This warning comes after a successful week for this token, during which its price increased by nearly 20%. Currently, it is trading at around $0.16, while its market capitalization is just below $25 billion.
Some analysts believe that the upward trend is still at its starting point, envisioning further short-term gains. Ali Martinez stated that a close above $0.17 could open the door to an increase to $0.21 or $0.29 as long as Dogecoin maintains the key support level of $0.13.
User X JAVON MARKS is even more optimistic. They believe DOGE seems ready to achieve “another miraculous price increase performance” to a new all-time high.
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