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Dubaicoin Rises 1000% in 24 Hours! Is the Cryptocurrency Fake?

Bitcoin took another hit on Friday because of the Dubaicoin scam as other cryptocurrencies including Ether and Dog also saw their prices fall. On Friday, the price of bitcoin hovered around $ 36,000.

Dubai’s Cryptocurrency Dubaicoin Rises 1000% after Fake News by Company!

Bitcoin was trading at $ 35,997.72, down 7% as of 4:10 pm. ET according to Coin Metrics data. Elsewhere, Ethereum prices fell 9.3% to $ 2,501.16 per coin, while Dogecoin fell 4% to 32 cents.

Also, Check out Will Dogecoin Hit $1?

Bitcoin, the world’s most popular cryptocurrency, is trying to recover after a week of turmoil, which dropped its value 30% to nearly $ 30,000 last week.

Dubai Governments Scam Warning on Dubaicoin leads to fall of Crypto market Again!

The decline comes after Dubai issued a scam warning to investors, sparking a stir after a cryptocurrency called DubaiCoin claimed that it was “Dubai’s official digital currency”.


Crypto grew 1000% in the last 24 hours after claiming that it was powered by a blockchain developed in the area called ArabianChain.

The Dubai government and the Arabian chain have both denied any involvement, and the government rejected claims that DubaiCoin was called “never approved” and called it an elaborate “phishing scam”.

A fake press release, now unpublished, was released under the name Arabian Chain Technology, which is believed to be a legitimate blockchain company based in Dubai.

What is DubaiCoin?

On May 24, the coin created by cryptocurrency startup ArabianChan Technology falsely claimed that it was the official cryptocurrency of the West Asian city, leading to a sharp rally in its price.

Dubai earlier today denied that cryptocurrency was its official cryptocurrency. “Dubai Coin Cryptocurrency was never approved by any official authority.

The website promoting the coin is an elaborate phishing campaign designed to steal personal information from its visitors.”

Dubaicoin Price Increases 1000% in 24 Hours!

Dubai has launched its first cryptocurrency based on a public blockchain. In just 24 hours, the price of DubaiCoin (DBIX) has increased by 1,000 percent. The cryptocurrency is currently traded on select exchanges.

Information from shows that Dubaicoin was trading at around $ 0.17, but rose to $ 1.13 on May 27. The cryptocurrency was launched by ArabianChan Technology, a UAE-based company.

Also, Check out Trending Crypto Currencies Other than Bitcoin!

Is Dubaicoin Really Supported by Dubai Government?

The Dubai government has said that the widely circulated news that Dubai has launched its own cryptocurrency, called DubaiCoin, is a scam.

The Dubai coin was “never approved by any official authority,” the Dubai government tweeted on Friday, noting that the coin-promoting website is “an elaborate phishing campaign designed to steal personal information from its visitors Is designed for. “


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