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A prominent member of the Dogecoin community, Mishaboar, has issued a signal of caution regarding meme coins that claim to own intellectual property (IP). This notice comes at a critical time when the market is flooded with various coins, each vying for investor attention.
In a statement to the Dogecoin community, Mishaboar highlighted the risks that could be associated with meme coins that claim ownership of IP addresses.
“Dear Dogecoin, a tip for those who play on tokens. You cannot create or boost memes by owning IP addresses. Memes spread virally and are not owned by anyone. They are decentralized, unstoppable and uncontrollable “, he wrote.
These coins often claim to hold certain IP addresses, which can be a deceptive tactic to attract unsuspecting investors.
Mishaboar added a note of warning: “There are thousands of tokens for those who want to play. When you see tokens that rely on tricks like we own the IP, that's just bait. This means they have nothing and are trying to attract new ones. buyers with hot air.
Mishaboar's warning serves as a call for diligence for the Dogecoin community and the broader cryptocurrency market.
As meme coins continue to proliferate, investors may need to conduct thorough research, verify the authenticity of these tokens, and not get lured by the lure of quick profits.
At the time of writing, Dogecoin, the first and largest dog-themed cryptocurrency by market capitalization, was down 0.53% over the past 24 hours at $0.148, reflecting the lackluster trading activity in the cryptocurrency market.
Dogecoin has been declining for most of the week, for three out of five days since Monday. The decline in demand for risky assets such as cryptocurrencies has been influenced in part by lower expectations for interest rate cuts from the Federal Reserve.
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