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. 

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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.

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

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.