Dogecoin Scam Alert: Fake Dogecoin Foundation Account Sparks Warnings in DOGE Community

YEREVAN (CoinChapter.com) — A Dogecoin (DOGE) influencer has issued an alert about a scam targeting DOGE investors. A fraudulent social media account is impersonating the official Dogecoin Foundation, posing a risk to the community.

Dogecoin Community Warned of Fake Foundation Account Gaining Thousands of Followers

On August 17, a Dogecoin influencer known as ‘Inevitable360’ reported a fake account on X. This account is imitating the official DOGE Foundation’s profile, using similar branding and messaging to deceive users.

The Dogecoin Foundation is a non-profit organization that focuses on DOGE’s development. Its social media presence has made it a target for scammers. The fraudulent account has already gained over 69,300 followers, increasing the potential threat to the community. A crypto member stated that the account first gained followers and verification under a different name before rebranding to impersonate the Dogecoin Foundation.

Shiba Inu Community Faces Rising Scams: Tracker Warns of Fraudulent Websites

Scams are not only affecting Dogecoin. Other meme coin communities, such as Shiba Inu (SHIB), are also targeted. As these coins gain followers, scammers exploit their communities.

On August 18, Shibarmy Scam Alerts, a Shiba Inu scam tracker, warned SHIB investors about fraudulent websites and malicious actors. The tracker stressed the need for protecting private keys and verifying websites before sharing information.

The Shiba Inu tracker advised community members to report suspicious activities. In some cases, law enforcement may need to be involved.

Dogecoin Price Rises Amid Scam Warnings: Community Urged to Stay Vigilant

Increased scam attempts emphasize the need for community vigilance. Reporting fraudulent accounts and staying informed are crucial to protecting against scams in the cryptocurrency space.

The ongoing activity in the DOGE and SHIB communities underscores the importance of caution. The SHIB tracker advises investors to safeguard their private keys and consistently verify websites and links before sharing sensitive information, as scammers often create convincing fake sites.

Investors are also urged to report suspicious activities promptly to platform administrators and, if necessary, to law enforcement. Maintaining vigilance is essential to protecting crypto assets from malicious scammers.

At the time of writing, Dogecoin (DOGE) is trading at $0.1046, reflecting a 4.23% increase over the last 24 hours. The market cap stands at approximately $15.23 billion, marking a 4.28% rise. Trading volume in the past 24 hours surged by 51.02%, reaching $598.54 million. The circulating supply is currently 145,607,006,384 DOGE, with a fully diluted market cap of $15.22 billion. The chart shows a gradual upward trend, with the price reaching a peak of $0.105 in the last few hours.

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