Dogecoin Knock-Off Ends Up Being A Scam

[Coinshots]

According to data provided by blockchain security firm PeckShield, DogeMother, one of the countless Dogecoin offshoots, is actually a scam.

DogeMother is a honeypot scam that has trapped buyers, according to blockchain security firm PeckShield.

PeckShield has urged cryptocurrency investors not to fall prey to the sham. Ironically, DogeMother was pitched by its developers as “the most caring” new coin that was “unruggable.” It has a total supply of 1,000,000 tokens. The developers claimed that all decisions would be made by the community. People were promised to receive guaranteed rewards for purchasing the token.   

The project, however, had many red flags. On its official website, it misleadingly claimed that one would be able to buy his or her mom a Lambo with profits made from investing, a promise that is typically made by scammers.

The Telegram channel of the token is no longer available after an apparent rugpull.

Honeypot scams typically cajole users into buying a certain cryptocurrency with big promises only to prevent them from selling. As the name of the sham suggests, their withdrawals get stuck in a contract since only whitelisted users are allowed to withdraw their funds. Most of such tokens typically appear on BNB Chain, which allows easily creating new tokens because of cheap fees.

Even though the memecoin frenzy has completely died down, scammers are still attempting to capitalize on it by luring new investors with dubious tokens that often end up being blatant scams.

Source: https://www.coinshots.com/news/dogecoin-knock-off-ends-up-being-a-scam

[Jackl87]

According to data provided by blockchain security firm PeckShield, DogeMother, one of the countless Dogecoin offshoots, is actually a scam.

DogeMother is a honeypot scam that has trapped buyers, according to blockchain security firm PeckShield.

Source: https://www.coinshots.com/news/dogecoin-knock-off-ends-up-being-a-scam

Well i can not really say that i am surprised. I mean first of all i have never heard of that project before and even though i am not that deeply into cryptos i guess if this would have been a big scam i would have heard it somewhere before. It is almost impossible to keep up to date with all the new projects that are appearing each and everday and i would say that still 95% of all new projects are shit-coins (meme-coins) and to be honest i don't see a big difference between a shit-coin that is a straight out scam or all the other shit-coins that are just trying to make quick and easy money with almost no effort by creating a new BSC token within a few minutes.

[poodle63]

No doubt if the shit token like that ended up as a scam token. A scam token like doge mothing can be predicted easily about how it will become a garbage scam token for sure. In this case i meant about so many scam doge token appeared when dogecoin hype happened. Im confusing about why do people still buy this garbage token. This means if you are also seeing that how so many scam token dead at the same time with the downtrend that happened with the crypto market. that's how it goes. That's why using doge token as investment are the worst thing.

[MidNite36]

Can't expect anything more  , almost all dogecoin copycat projects are scam this one just tend to reveal it's nature pretty fast, when bear market comes meme coins will do more damages to investors than any other projects out there.

[aytash]

Do you need special intelligence and talent to identify fraudulent platforms?
We all know that today new platforms like Fibodex have been launched in exchange offices. It can make huge profits for its investors at the beginning of its activity.
But as an investor, I'm not interested in going deep into the investment process. And suddenly I realize that the platform is completely gone and all accounts are out of reach.
Where is the real problem and where should we make sure that the projects are safe ?!