Cryptocurrency

Dogechain developer wallet caught dumping 1 million tokens a minute

Self-proclaimed “on-chain detective” @ZachXBT A wallet linked to the Dogechain developer tweeted that it has started dumping DC tokens.

Dogechain will use DC tokens August 24th Via airdrop to eligible wallets.of eligibility criteria It was a Dogechain wallet that interacted with the protocol prior to August 23rd. This requires adding Dogecoin (DOGE) liquidity to the Dogechain protocol.

Reddit user u/evelynvee The Dogechain dev wallet mentioned by @ZachXBT posted that it is dumping the 20 billion tokens received from the airdrop at a peak of 1 million tokens per minute.

According to u/evelynvee, there is a minimum transfer of 9 million DC tokens ($16,000) in addition to the 8 million DC token fee for bridging to the Ethereum chain, so DC token holders typically dump their tokens. You can not.

official Doge Chain Twitter I have not responded to any comments or requests about what is going on.

Dogecoin Foundation Warns Users Not to Put DOGE at Risk

Dogechain pitched itself as a Layer 2 scaling solution to bring DeFi, NFTs, and games to Dogecoin.

Borrowing from Dogecoin’s philosophy, the Dogechain team said the project is community-based and champions the idea of ​​equality and fairness.

“Dogechain stands for fairness and equal opportunity for all. Our goal is to create a blockchain that is truly people-owned.

Nevertheless, Jens Wiechers, a board member of the Dogecoin Foundation, warned that Dogechain is not a related product and that “paid media”, including social media masquerades, are instead spreading false information.

Similarly, Dogecoin dev @cb_doge He said Dogechain is “another similar token” and warned DOGE holders not to put their tokens at risk.

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