YEREVAN (CoinChapter.com) — A Dogecoin (DOGE) influencer has issued a warning about a scam targeting DOGE investors. A fraudulent social media account is posing as the official Dogecoin Foundation and posing a risk to the community.
Dogecoin community warns of fake Foundation account gaining thousands of followers
On August 17, a Dogecoin influencer named “Inevitable360” reported a fake account on X. This account imitates the official DOGE Foundation profile and uses similar branding and messages to deceive users.
The Dogecoin Foundation is a non-profit organization focused on the development of DOGE. Due to its presence on social media, it has become 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 initially gained followers and verification under a different name before rebranding itself to impersonate the Dogecoin Foundation.
Scams aren’t just affecting Dogecoin. Other meme coin communities like Shiba Inu (SHIB) are also being targeted. As these coins gain more and more followers, scammers are taking advantage of their communities.
On August 18, Shibarmy Scam Alerts, a Shiba Inu scam tracker, warned SHIB investors about fraudulent websites and malicious actors. The tracker emphasized the need to protect private keys and verify websites before sharing information.
The Shiba Inu Tracker advised community members to report any suspicious activity, and in some cases, law enforcement may need to be involved.
The increasing number of scam attempts highlights the need for community vigilance. Reporting fraudulent accounts and staying informed are crucial to protecting yourself from fraud in the cryptocurrency space.
The continued activity in the DOGE and SHIB communities underscores the importance of caution. The SHIB tracker advises investors to protect 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 immediately report any suspicious activity to platform administrators and, if necessary, law enforcement authorities. Vigilance is essential to protect crypto assets from malicious scammers.
At the time of writing, Dogecoin (DOGE) is trading at $0.1046, up 4.23% in the last 24 hours. The market cap is approximately $15.23 billion, up 4.28%. Trading volume in the last 24 hours increased by 51.02% to reach $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 uptrend, with the price reaching a high of $0.105 in the last few hours.
