Self-described “on-chain sleuth” @ZachXBT tweeted that a wallet linked to a Dogechain developer had began dumping DC tokens.
Nice a wallet that acquired 20,000,000,000 DC free of charge ties instantly again to the deployer and has already began dumping tokens on individuals.
— ZachXBT (@zachxbt) August 25, 2022
Dogechain launched their DC token on Aug. 24 through airdrop to qualifying wallets. The qualifying criterion was any Dogechain wallet that had interacted with the protocol earlier than Aug. 23. This would necessitate including Dogecoin(DOGE) liquidity into the Dogechain protocol.
Reddit person u/evelynvee posted that the Dogechain dev wallet talked about by @ZachXBT was dumping the 20 billion tokens acquired from the airdrop at a peak of 1 million tokens a minute.
According to u/evelynvee, DC token holders usually can’t dump their tokens as there’s an 8 million DC token charge to bridge to the Ethereum chain, plus a minimal switch of 9 million DC tokens ($16,000).
The official Dogechain Twitter has not responded to feedback and requests about what is occurring.
Dogecoin Foundation warned customers to not threat their DOGE
Dogechain pitched itself as a layer 2 scaling answer to convey DeFi, NFTs, and gaming to Dogecoin.
Borrowing from the Dogecoin philosophy, the Dogechain crew stated the challenge is community-based and champions the thought of equality and equity.
(*1*) together with social media shills, are disseminating false info on the contrary.
Similarly, Dogecoin dev @cb_doge stated Dogechain is “another knock-off token,” whereas cautioning DOGE holders to not threat their tokens.