Coinbase Warns of Wrapped Token Fraud as Dogecoin, SHIB See Key Support, Resistance Levels Amid Network Surge
Coinbase has issued a warning to holders of XRP, Dogecoin (DOGE), and Cardano (ADA) regarding upcoming wrapped tokens cbADA, cbLTC, cbXRP, and cbDOGE, clarifying that these assets are not yet live or tradable. The exchange has urged users to remain vigilant against scams and to verify official contract addresses once available. Meanwhile, Dogecoin has recorded a sharp 990% weekly increase in active addresses, indicating renewed investor interest and robust network engagement. This uptick aligns with Coinbase’s plans to support wrapped Dogecoin (cbDOGE) on its Base network, expected to enhance DOGE’s cross-chain and DeFi utility. Additionally, open interest in DOGE futures has surged by 66% to $1.65 billion. Technical analysis highlights DOGE consolidating between strong support at $0.21 and resistance at $0.36, with considerable volume at these levels suggesting a potential market breakout. For Shiba Inu (SHIB), a significant resistance zone exists between $0.000017-$0.000019, with large holdings concentrated in this range. A breakout above could spark bullish momentum, while failure may prompt a pullback. These developments are critical for crypto traders monitoring potential volatility and opportunities in XRP, DOGE, ADA, and SHIB.
Bullish
The news signals bullish momentum for Dogecoin and related assets. Dogecoin’s sharp rise in active addresses and increased open interest in futures suggest growing market involvement and potential upside. Coinbase’s upcoming support for wrapped DOGE adds to its cross-chain appeal and DeFi integration, possibly attracting broader adoption. Though Coinbase warns of possible scams as the new tokens have not yet launched, this reflects heightened market interest. For SHIB, a key resistance level has emerged, and a break above could trigger strong upward price action. While traders should be cautious of scams and false tokens, the increased activity and infrastructure developments generally point to positive sentiment and potential for price appreciation in the short to medium term.