The buzz around Dogecoin effects has been mounting since the past 24 hours, triggered by a surprise move by a Twitter executive - changing the platform's logo from the traditional bluebird to something resembling the tan colored Shiba Inu which recently skyrocketed the value of the meme-cryptocurrency. This brought massive gains of double-digit percentage overnight for investors, leading to concerns of a potential cryptocurrency scam operation.

The red flag was raised by PeckShield alert when they discovered a project titled “Twitter Logo” on their radar, with the same DOGE ticker as the original meme-cryptocurrency. The scheme seemed to be deliberately devised to attract and deceive users. Other crypto con games have appeared in the meme-sphere such as Bonk, a Solana-based meme coin which had a rug pull and negative price fall of about 97%.

This has not deterred fans of the digital coin from relishing in the novelty of the situation, postulating ideas such as renaming “tweet” to “bark”, to go with the new brand's canine focus.

On the price front, Dogecoin has successfully swept past the $0.1 barrier and seen its market capitalization swell from $10.7 billion to $14.1 billion in a matter of hours, followed promptly by a pullback to its current $13.8 billion. This impressive showing pushed it past Cardano’s market capitalization and into the seventh position on the overall crypto-ladder.

While this recent surge has made waves and earned devotees, caution remains the word of the hour. Investing in cryptocurrencies acknowledges a certain degree of risk, making it imperative that users stay alert and practice diligence in monitoring the currency markets. Care should be taken to authenticate the legitimacy of any crypto related project before making a commitment, and red flags such as sudden unexpected price changes must be noted immediately.



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