Why Is Dogecoin Knockoff DogeCash Spiking Today?

Dogecoin DOGE/USD knockoff DogeCash DOGEC/USD shot up over 33% in 24 hours leading to press time early Monday.
What’s Moving? DOGEC rose 33.25% over 24 hours to $0.0854. Over a seven-day trailing period, DOGEC rose 41.6%.

DOGEC has risen 902.7% so far this year, but is trailing DOGE in year-to-date returns. The Shiba Inu-themed DOGE is up 5,582.59% since 2021 began. 

DOGE traded 2.5% higher at 0.32 and fell 4.36% for the week.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? A number of tweets promising a DOGEC giveaway were seen on Twitter Inc’s TWTR social media platform at press time.

On Sunday, a verified account seemingly belonging to Shatrughan Sinha, a former cabinet minister and film actor from India, responded to Tesla Inc TSLA CEO Elon Musk with a tweet that promised a DOGEC giveaway. 

A Screenshot From Twitter Showing The Tweet That Seemingly Originated From Shatrughan Sinha's Verified Account

Sinha, who has about 750,000 followers on the social media platform, later clarified that his Twitter account was "briefly compromised" for a few hours and asked his followers to ignore any tweets posted in regards to cryptocurrency.

Unfortunately due to some individuals my Twitter account was briefly compromised for a few hours. Thankfully the matter has been resolved. Please ignore any tweets that were posted in regards to cryptocurrency or links that were posted. Thank you for your concern.

— Shatrughan Sinha (@ShatruganSinha) August 21, 2021

Some other tweets were also seen circulating with very similar text and contained a link to a website.

Examples of Some Other DogeCash Giveaway Tweets

There are no other factors apparent to explain the rise in DogeCash on Monday.

Benzinga’s Take: There have been instances in the past where spoofs of verified accounts have tweeted cryptocurrency scams. A follower of Musk fell for the scam in March and lost 10 Bitcoins BTC/USD, valued at $503,099 at press time, in the process.