DOGE Developer Warns Investors, Here’s What It Is
The crypto sector, which experienced a massive boom in March this year, has been in a stagnation for over a month now. Given the current volatile market conditions, one of the developers of Dogecoin, who goes by the name Mishaboar, has issued a warning to the crypto community. He has issued a warning asking the investment community to assess the risks of investing in crypto assets before making a final decision. In the long run, Mishaboar hopes that members of the investment community will not get exhausted by unfounded or impulsive investments.
The Dogecoin developer calls crypto investing “educated gambling” in his post on X. He expressed his fear that investors who are having sleepless nights over their crypto investments may be overexposed to the sector.
“Crypto is extremely volatile and risky. Don’t gamble with more than you can afford to lose,” Mishaboar said on June 16.
Currently, there are over 2.4 million cryptocurrencies circulating in the market. The current valuation of the crypto sector is $2.42 trillion (approximately Rs. 2,02,14,054 crore), which MintMarketCap.
Not only individual investors, but multiple companies, including several from the Fortune 500 group, are now getting into cryptocurrencies. This kind of support from institutional investors can give individual investors a boost to try their luck with crypto assets, sometimes without proper research.
Mishaboar noted that the number of crypto criminals is increasing, hunting for potential victims.
“The biggest risk for beginners, besides leverage trading, comes from trading coins and tokens without understanding the risk/reward ratio. And without realizing that this space is mostly filled with scammers, criminals and peddlers,” his post added.
Dear Dogecoin, and especially those of you new to crypto:
Crypto is extremely volatile and risky. Don’t gamble with more than you can afford to lose.
This is a simple message that is often repeated and, like many simple messages, easily forgotten.
If the amount of crypto you…
—Mishaboar (@mishaboor) June 16, 2024
Cryptocurrency prices change daily, due to variations in macroeconomic conditions. On Monday, May 17, Bitcoin and Ether were traded at $66,426 (approximately Rs. 55.4 lakh) and $3,232 (approximately Rs. 2.70 lakh), respectively.
Dogecoin itself saw a 2.08 percent drop in price, trading at $0.13 (roughly Rs. 11.10) on June 17. In the coming days, the DOGE developer plans to update ‘newbies’ in the crypto space with crypto price observations.
