Tech
Dogecoin developer issues important warning to investors as market turns volatile
The cryptocurrency sector, after seeing a massive recovery in March this year, has been rather stagnant for over a month now. In light of the current volatile market conditions, one of the developers of Dogecoin, called Mishaboar, has raised an alarm to the crypto community. He issued a warning asking the investment community to evaluate the risks of investing in cryptocurrencies before making any final decisions. In the long term, Mishaboar hopes that members of the investment community don’t burn themselves out with unresearched or impulsive investments.
THE Dogemoneta The developer, in his post on X, refers to cryptocurrency investing as “educated gambling.” He expressed concern that investors who are losing sleep over their cryptocurrency investments may have been overexposed to the sector.
“Cryptocurrencies are extremely volatile and risky. Don’t play more than you can afford to lose,” Mishaboar said on June 16.
There are currently over 2.4 million cryptocurrencies circulating on the market. The current valuation of the cryptocurrency industry stands at $2.42 trillion (approximately Rs. 2,02,14,054 crore), as shown CoinMarketCap.
Now they are not only individual investors, but numerous companies, including several from the Fortune 500 group engaging with cryptocurrencies. This type of support from institutional investors can give individual investors the push to test their fate with cryptocurrencies, sometimes without adequate research.
Mishaboar noted that crypto criminals are on the rise, hunting for potential victims.
“The biggest risk for beginners, other than leveraged 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 street vendors,” his post adds.
Dear Dogecoin, and especially those of you who are new to cryptocurrencies:
Cryptocurrencies are extremely volatile and risky. Don’t bet more than you can afford to lose.
This is a simple message, often repeated and, like many simple messages, easily forgotten.
If the amount of cryptocurrencies you have…
— Mishaboar (@mishaboar) June 16, 2024
Cryptocurrency prices change daily, due to changes in macroeconomic conditions. On Monday, May 17, Bitcoin and Ether were trading at $66,426 (around Rs. 55.4 lakh) and $3,232 (around Rs. 2.70 lakh), respectively.
Dogemoneta itself recorded a price decline of 2.08% to trade at $0.13 (around Rs. 11.10) on June 17. In the coming days, developer DOGE plans to update “newbies” in the cryptocurrency industry with cryptocurrency price observations.
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