On the wave of Dogecoin cryptocurrency growth, fraudsters have created hundreds of fakes

On November 1, experts from cybersecurity company PeckShield reported the emergence of about 169 fake tokens imitating the Dogecoin (DOGE) meme cryptocurrency. The digital assets in various punny variations were called LittleHotDoge or DoggyDoge. According to PeckShield, the coins were created on the Ethereum and BNB Chain blockchains.

#PeckShieldAlert PeckShield has detected ～169 #DOGE contracts newly created on Ethereum and BSC. ~67 tokens' price dropped more than -90% (~45 tokens' price dropped -100%), 42 of them appear to be #honeypot #Dogeween?? https://t.co/ZgUW6JJpIU pic.twitter.com/kUMFs73nu0

— PeckShieldAlert (@PeckShieldAlert) November 1, 2022

Analysts have warned that the price of about 67 tokens has already fallen by more than 90%, and the value of 45 assets has dropped to almost zero. In addition, 42 fake cryptocurrencies on the list were created by hackers to steal funds.

On the eve of the discovery of the DOGE clone tokens, Tesla and SpaceX CEO and new Twitter owner Elon Musk posted a tweet with a photo of a Shiba Inu dog. The dog was wearing a T-shirt with the social network’s logo on it. Immediately after the tweet was published, Dogecoin’s price rose by 16.7%. As of November 1, DOGE was trading for $ 0.15.

Twitter has also increased the number of Halloween-themed digital assets, with developers hoping to raise $ 50 million by launching tokens on the current theme. However, the main problem with digital assets is the lack of any prospects and the possibility of real application. Security experts advise against investing in suspicious cryptocurrencies, as users risk not only losing money but also losing all their investments.