DogeChain Developers Caught Dumping Millions On Token Launch

DogeChain was launched as an EVM (Ethereum Virtual Machine)- Compatible chain, with a theme centered around popular meme token, dogecoin.

However, the fun and games pretty much end there.

Their developers announced that anyone who bridged over and used the chain would receive airdrops.

https://twitter.com/DogechainFamily/status/1562644550673264640

This would come in the form of DogeChain tokens, or $DC, and would be used for a variety of functions on the network. Airdrops were reportedly supposed to amount to a 4.5 billion $DC unlocked at launch, or 0.45% of total supply.

However, one account had access to 20 billion $DC at launch, or 2% of total supply.

The address has been dumping million of $DC every minute via Uniswap, with a total of 91 successful transactions.

With each transactions averaging a few thousand dollars of profit, they are estimated to have made upwards of $200k by now.

Furthermore, most of the liquidity is only available on the Ethereum mainnet. With a requirement of at least 8 million $DC/ $16,000 at the time of writing, most retail users would not have sufficient funds to bridge over.

The Doge community has also previously issued warnings on the legitimacy of the chain, and advised against new users bridging to it.

Also Read: Understanding Tokenomics: How To Avoid Rug Pulls And Identify The Next 10x Crypto

[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]

Featured Image Credit: Chain Debrief