According to U.Today, a notable figure in the Dogecoin community, Mishaboar, has issued a warning about meme coins claiming to possess intellectual property (IP). This warning comes at a time when the market is awash with a variety of meme coins, all competing for investor interest. Mishaboar emphasized the potential risks associated with meme coins that assert IP ownership. He stated that memes, which are decentralized, irrepressible, and uncontainable, cannot be created or reinforced by owning IPs and are owned by no one.
Mishaboar further cautioned that these coins often assert IP ownership, which can be a deceptive strategy to draw in unsuspecting investors. He warned that there are thousands of tokens available for those who wish to gamble, and when tokens rely on claims such as 'we own the IP', it's merely a lure. This implies that they have nothing substantial to offer and are attempting to attract new buyers with empty promises.
Mishaboar's caution serves as a call for vigilance within the Dogecoin community and the wider cryptocurrency market. As the number of meme coins continues to grow, investors may need to carry out comprehensive research, confirm the authenticity of these tokens, and not be swayed by the promise of quick gains. At the time of reporting, Dogecoin, the first and largest dog-themed cryptocurrency by market cap, was down 0.53% in the last 24 hours to $0.148, reflecting the sluggish trading activity in the cryptocurrency market. The demand for risky assets like cryptocurrencies has been somewhat dampened by reduced expectations for Federal Reserve interest rate cuts.
