A Dogecoin foundation developer has warned of potential scams and urged users to be cautious as certain projects attempt to capitalize on Dogecoin’s popularity.
In a recent tweet, Dogecoin developer Inevitable360 issued an alert to the crypto community.
The Dogecoin developer warns that anyone promoting tokens (crypto-assets built on existing blockchains without a native chain of their own, as opposed to Dogecoin or Bitcoin, which are coins) in the Dogecoin community should be taken as a scheme. Inevitable360 cautions users not to fall for promotional hype and to be careful of “things” pushed by some members of the Dogecoin community.
Inevitable360 added, “If someone really wants to help others or save dogs, don’t need any token no matter the excuse.” The warning comes as Dogecoin makes recent progress, sparking optimism in the community.
Dogecoin makes progress
On Friday, the Dogecoin Foundation announced the release of version 0.1.4 of Libdogecoin, a foundational C library designed to simplify the integration of Dogecoin into various applications.
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Since the 0.1.3 release in February 2024, significant progress has been made on Libdogecoin, including support for Dogebox, SPV PUP (a lightweight node service) and improved key management functionality. The 0.1.4 release includes Intel and ARM performance enhancements, adds REST API extensions for the SPV node, expands secure enclave support and introduces YubiKey hardware key storage.
In the week, 21Shares, one of the world’s largest issuers of cryptocurrency exchange-traded products (ETPs), announced exclusive cooperation with the House of Doge to launch a Dogecoin ETP, which will be listed on the SIX Swiss Exchange under the ticker DOGE.
The Dogecoin Foundation is currently developing Fractal Engine, an open-source sidechain protocol project that will enable fractionalized tokens such as NFTs and real-world assets (RWAs) on Dogecoin by storing data off-chain, keeping the Layer 1 blockchain lean and uncluttered with a lightweight approach.
