Mishaboar, a key figure in the Dogecoin (DOGE) community, has issued a warning about the dangers of memecoins claiming intellectual property rights. In a recent statement, he stressed that memecoins cannot be controlled through ownership of intellectual properties. He explained that memes thrive on their decentralized and viral nature, accessible to everyone. This advice serves as a crucial reminder to the community amidst a surge in meme coin offerings.

He further criticized the strategy employed by some tokens, which claim to possess intellectual property to entice investors. Mishaboar described such claims as mere tactics to attract buyers without substantial backing. He urged the Dogecoin community to remain vigilant and skeptical of such misleading promotions.

Risks of IP Ownership in Memecoins

The Dogecoin community member highlighted the proliferation of meme coins in the market, each competing for investor attention. He warned that many of these coins use the allure of intellectual property ownership as a hook to draw in unwary investors. This could lead to potential risks for those needing to research their investments diligently.

Mishaboar emphasized the importance of understanding the nature of the investments and the strategies used by these coins to market themselves. By doing so, investors can protect themselves from possible scams and financial losses. His warning is aimed at encouraging a more informed and cautious approach to investing in rapidly multiplying memecoins.

Dogecoin Market Performance 

As meme coins continue to increase, investors need to conduct thorough research, verify the genuineness of these tokens, and not be drawn away by the allure of quick profits. At the time of writing, DOGE price, the first and largest dog-themed cryptocurrency by market cap, was down 1.86% in the last 24 hours to $0.1495. This reflects the general downturn in the cryptocurrency market, which has seen subdued trading activity recently.

Dogecoin’s price has declined for most of the past week, with losses recorded on three out of five days. The reduced enthusiasm for risky assets like cryptocurrencies is partly due to lowered expectations for Federal Reserve interest rate cuts.

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The post Dogecoin Insider Warns Against IP Claims by Memecoins appeared first on CoinGape.

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