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Dogecoin takes a swipe at knockoffs.
In a tweet on Friday, via the verified Dogecoin handle, Dogecoin community members were warned to steer clear of Dogecoin knockoffs as many of such projects have failed.
“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 is not directly associated with any tokens. Beware of imposters,” the tweet read.
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
It is worth noting that the popular doggy meme token started as a joke by developers Billy Markus and Jackson Palmer in 2013, who sought to draw attention to the almost cult following of cryptocurrencies like Bitcoin.
However, this joke which was just a product of a few minor tweaks to the Bitcoin code in a twist both developers never expected, gained huge community traction and became a success. In recent years, the token has received support from billionaires Mark Cuban and Elon Musk, with the latter championing it as better for transactions than Bitcoin.
As a result of this success, several tokens inspired by the doggy crypto have been created. Unfortunately, however, many of them have also been scams riding on the popularity of Dogecoin to bait investors. The most recent one in this category is DogeMother, a honeypot scam that froze investor holdings, preventing them from withdrawing after purchase.
Meanwhile, there have also been other DOGE-inspired tokens that have taken the market by storm and made remarkable strides. For example, Shiba Inu came into the scene in 2021 and quickly became the most popular cryptocurrency though it continues to trail Dogecoin in market cap.
It is worth noting that the Dogecoin community has recently seen increased activity with the introduction of memes to its metaverse. Notably, a tweet today asserts that it “is the next financial evolution.” This flurry of activity has translated to record transaction numbers on the network, with daily transactions exceeding 80k for the first time in over a year.
#Dogecoin is the next financial evolution.https://t.co/9iyXhT4rcD
— Dogecoin (@dogecoin) July 23, 2022
As reported by The Crypto Basic, the meme coin has received a new core upgrade to improve its security, efficiency, and UI. At the time of writing, DOGE is trading at the $0.06905 price point, down 0.54% in the last 24 hours but up 10.53% in the last seven days.