Dogecoin (DOGE) warns users against FOMO and manipulation

Written by: Ali Raza
July 8, 2020
  • Dogecoin recently published a warning for its users.
  • The warning pointed out that they should be careful of manipulations and FOMO.
  • The project's price is surging by over 50% right now, which is the likely explanation for concern.

Manipulation is nothing new in the crypto industry, and it comes in many different forms. Whether it is price manipulation by crypto whales and/or exchanges, or some type of scams, the crypto industry is filled with all kinds of dangerous pitfalls.

There are plenty of crypto projects that have posted warnings of such dangers over the years, and the most recent one came from a popular meme token, Dogecoin (DOGE).

DOGE warns against FOMO and manipulation

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According to a tweet published earlier today, Dogecoin’s team seems to have picked up on attempts at manipulation that may have something to do with the token itself.

The warning says: “Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising. Make choices right for you, do not ride other peoples FOMO or manipulation. Stay safe. Be smart.

DOGE’s warning comes at an interesting time, as the coin’s price recently started seeing a massive surge. The project saw 52.27% growth in the last 24 hours, with its price currently sitting at $0.004213.

Growth of this size is more than just noteworthy — it is rather astonishing. Not only that, but it already allowed DOGE to hit a new 12-month high.

The last time DOGE hit this price was almost exactly a year ago, on July 5th, 2019.

With its price behaving like this, it is hardly a surprise that DOGE is concerned about its users. Especially since, as many have pointed out, DOGE did not do any major work regarding its blockchain or coin in a long time, nor did it get listed in a major wallet.

Of course, such surges are not unheard of, but historically, they were almost always a result of a pump, apart from those instances when the surges were a part of a market-wide bull run.

In truth, a lot of coins does seem to be trading in the green right now, apart from Bitcoin and a handful of other projects. Cardano (ADA) itself is surging by 24.67%, although that likely has an explanation, as the project finally launched its Shelley upgrade yesterday.

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