General

Is Doge mama A Scam?

Doge mama scam

What is Dogemama or Dogecoin?

Doge mama is a memecoin similar to Dogecoin and Shiba Token. However, it is based on the Binance Smart Chain foundation, which is more environmentally friendly and efficient. Doge mama is the most accessible and strong economic solution out there right now, thanks to Binance’ Smart Chain, which makes them cheaper, quicker, and better. It offers a transaction speed that is 50 percent quicker than Ethereum and costs a tenth of the price. You also don’t have to worry about being scammed with Doge mama coins because all transactions are transparent.

Doge mama scam

Dogecoin was created as a prank on cryptocurrency aficionados, and it was cheap enough to play with—each coin was worth a fraction of a penny. The dogecoin is commonly used to tip any funny comments on Reddit, as its original purpose was to make foolish jokes and be absurd. Even toy money can be transformed into real money, and a toy cryptocurrency can be converted into real money; the supply of gullibility is huge, if not unlimited. As a result, the Shibes began fantasizing about being wealthy for free, prompting the hucksters to intervene.

It is initially invented as a parody for those crypto-enthusiast but ended up being something legit and valuable to the crypto community. They also have dedicated a team to help them achieve their charity goal of giving financial assistance to single moms and families in need all around the world. EveryMotherCounts, a charity that helps moms in need all across the globe, has promised to give 2.5 percent of all tokens to Dogemama.

Why is it a scam and how does it work?

A scam? How did that happen if they have a transparent transaction process?

Well, technically when you search about Doge mama scam, it is not about how this crypto coin scam people but how cybercriminals used this platform to con people’s money.

This first happened during Elon Musk’s SNL or Saturday Night’s Live, which should be the long-waited time for the dogecoin investors as they were waiting for the updates of Dogecoin. But something unexpected happened because not only did the cryptocurrency lose 30% of its value over the weekend, but the dogecoin community was also targeted by scam artists who tried to defraud them of their funds.

During the live show, everyone received a message instructing them to send dogecoin to a blockchain address in exchange for a guarantee of receiving double the amount sent. According to the research, the fraudster addresses had collected roughly 9.7 million dogecoin worth $5 million as of Sunday. It reported initial findings indicating the majority of inflows had been sent to the wallets by the owners themselves in order to give the impression that the accounts were real.

So, technically what you have heard about Doge mama scam is actually the incident and not the usage of dogecoin in investment. Dogecoin is now even accepted at some merchants which means that it is now a legal and legit crypto coin that we can use for trading and investment. 

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