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No.: Lianyuan Security Knowledge No.021
In the TON ecosystem, a new Meme coin, DOGS, is rapidly rising. This black and white dog is not just a token, but also a cultural symbol that spreads virally through Telegram. However, behind this craze, the potential Web3 security risks cannot be ignored.
Will the Golden Dog explode when the market is quiet?
Recently, Twitter and Telegram have been flooded with invitation links for a Telegram bot with a black and white dog. Many people have been showing off their DOGS points on social media. The image of DOGS was inspired by Spotty, the mascot of TON founder Pavel Durov. Officials claim that DOGS is the most Telegram-friendly meme coin, reflecting the spirit and culture of the community. The rapid rise of DOGS seems to create an interesting, community-driven and unique product in the cryptocurrency world.
However, with the rapid spread of DOGS, security risks also arise. The popularity of DOGS may attract imitation projects, many of which may be phishing scams. In this case, users must be vigilant when participating in such high-profile projects to avoid falling into scams due to negligence.
No barriers to participation, everyone can participate
The popularity of DOGS is largely due to its simple participation model. Users only need to enter the Telegram channel to receive points. This see it, get it mechanism not only lowers the participation threshold, but also greatly increases the exposure of the project. Through the DOGS bot, users can receive corresponding points based on the registration time and activity of the Telegram account. In addition, opening a Premium account can also get additional rewards.
Although the threshold for participation is low, this method may also bring risks. In the Web3 community, some fake projects often attract users through similar methods, and then conduct capital operations or run away directly in the later stage. Therefore, investors should be vigilant when participating in similar airdrop activities to avoid unnecessary losses.
In addition, DOGS also adopts an invitation system, which is one of the key factors for its rapid popularity on social platforms. According to reports, a four-year registered Telegram account can get about 3,000 points after joining the channel. However, the exchange ratio of points to tokens has not yet been made public, and the project does not have a formal Twitter account. These uncertainties further increase the risk of the project.
Binance listing and market impact
The viral effect of the DOGS project quickly emerged, and the Dogs bot has attracted more than 1 million users. In this wave of enthusiasm, Binance also noticed the potential of DOGS and announced that it would launch DOGS on August 26, 2024, opening trading pairs such as DOGS/USDT, DOGS/BNB, DOGS/FDUSD, and DOGS/TRY. This move by Binance has undoubtedly injected more market attention into DOGS and brought it a huge trading volume.
However, with the launch of Binance, DOGS will enter a more complex market environment. Investors should pay attention to the following points when participating in DOGS transactions:
Increased market volatility: As an emerging meme coin, DOGS’s price may fluctuate drastically. The listing on Binance will undoubtedly exacerbate this volatility, and speculators and large investors may take advantage of this opportunity to create market fluctuations. Therefore, investors need to make full risk assessments when trading to avoid losses due to drastic price fluctuations.
Adjustment of trading strategies: After DOGS is listed on Binance, it may attract more attention from mainstream investors, and investment strategies need to be adjusted accordingly. Holders should consider diversifying their investments and avoid investing all their assets in a high-risk project.
Regulatory pressure: With the popularity of DOGS, regulators may pay more attention to the trends in the Meme coin market. Investors need to pay close attention to regulatory developments in various countries to ensure that investment behavior is compliant and avoid being involved in legal disputes.
Safety precautions
As DOGS becomes more popular, security issues cannot be ignored. During the DOGS airdrop and trading process, investors may face the following risks:
Phishing attacks: As DOGS spreads virally, more phishing websites and fake bots may appear to trick users into clicking on malicious links or downloading malware. Therefore, when claiming DOGS, users should ensure that they do so through official channels and avoid clicking on unknown links.
Wallet security: As DOGS enters the Binance trading platform, more and more users may transfer DOGS to personal wallets. Investors should ensure that they use a secure cold wallet or hardware wallet to avoid asset theft due to private key leakage.
Smart contract vulnerabilities: If there are vulnerabilities in the smart contract code of DOGS, hackers may exploit these vulnerabilities to launch attacks, thereby stealing user assets or manipulating market prices. The Web3 security team and developers need to conduct code audits and security assessments on this emerging project to ensure its safe operation.
Market manipulation risk: As an emerging meme coin, the price of DOGS may be manipulated by large investors or speculators, resulting in abnormal market fluctuations. Investors should remain vigilant and avoid making irrational investment decisions when the market fluctuates violently.
In order to protect their own interests when participating in DOGS and similar airdrop activities, the ChainSource Security Team recommends that investors take the following measures:
Verify the source of information: Make sure you join the official channel and obtain relevant information through the official website to avoid clicking on unfamiliar links.
Manage private keys carefully: Never enter private keys or sensitive information into unknown websites or applications to prevent them from being stolen.
Pay attention to smart contract security: Before interacting with tokens, you can check or consult a professional blockchain security team to find out whether the project’s smart contract code has been audited.
Enhance network security awareness: regularly update the devices anti-virus software and avoid using public networks for trading operations.
Utilize decentralized wallets: Using decentralized wallets to manage assets can effectively reduce the risk of centralized platforms being hacked.
Conclusion
As an emerging Meme coin, DOGS has set off a wave of enthusiasm in the TON ecosystem and Telegram community. However, when investors participate in such high-risk projects, they must remain vigilant and pay attention to potential security risks. By improving our own Web3 security awareness and properly managing digital assets, we can reduce unnecessary risks while enjoying the dividends brought by emerging projects. It is still unknown what the future trend of DOGS, this black and white dog, will be. But what is certain is that in the Web3 world, security is always the aspect that investors should pay most attention to.
Lianyuan Technology is a company focused on blockchain security. Our core work includes blockchain security research, on-chain data analysis, and asset and contract vulnerability rescue. We have successfully recovered many stolen digital assets for individuals and institutions. At the same time, we are committed to providing project security analysis reports, on-chain traceability, and technical consulting/support services to industry organizations.
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