Input Output Reveals $DC Tokens’ Dumping By DogeChain Developer

Self-proclaimed blockchain sleuth on Twitter, ZachXBT allegedly stated that a wallet linked to a Dogechain developer has started dumping their native token, $DC.

$DC tokens were airdropped to “$wDOGE holders right after the token generation event”. They were also airdropped to addresses which traded $wDOGE and hadn’t withdrawn their tokens from Dogechain ecosystem before August 23 .

A user on Twitter posted a screenshot of Reddit saying that one of the developer wallets was dumping around 20 billion tokens at the pace of 1 million tokens per minute, which he got from the airdrop.

Also Read: Everything about Dogechain the Layer 2 Network

However, DC token holders can’t afford to dump their tokens owing to the costly transaction during bridging with the Ethereum blockchain. At round figure, nearly 8 million DC tokens are the fees for bridging with an additional 9 million DC token transfer.

Dogecoin Foundation already warned users about “layer-2 for Dogecoin” and refuted its connection with Dogechain, which is being promoted as enabling “NFTs, Games, and DeFi for Dogecoin users.”

It promotes itself as it “stands for fairness and equal opportunity for all. Our goal is to create a blockchain that is truly owned by the people.”

Jens Wiechers, board member of Dogecoin Foundation stated that Dogechain is a “paid media” and has no connection with Dogecoin. While another Dogecoin developer cb_doge called the $DC token another knockoff token and asked people not to put their $DOGE at risk.