Dogecoin developer warns investors amid market volatility
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As the crypto market experiences a period of stagnation following a significant upswing in March, a prominent Dogecoin developer known as Mishaboar has issued a crucial warning to investors.
Amid the current volatile conditions, Mishaboar urged the crypto community to thoroughly assess the risks associated with crypto investments before making decisions. He expressed hope that investors would avoid burnout from unresearched or impulsive investments.
In a recent post on X, Mishaboar referred to crypto investing as "educated gambling." He voiced concerns that investors losing sleep over their crypto portfolios might be overexposed to the market's risks. "Crypto is extremely volatile and risky. Do not gamble with more than you can afford to lose," he cautioned on June 16.
Currently, the crypto market hosts over 2.4 million cryptocurrencies, with an overall valuation of approximately $2.42 trillion (around Rs. 2,02,14,054 crore), according to CoinMarketCap. The involvement of institutional investors, including numerous Fortune 500 companies, has been on the rise, potentially influencing individual investors to engage in the market without adequate research.
Mishaboar also highlighted the growing threat of crypto criminals targeting unsuspecting investors. "The biggest risk for newbies, next to leverage trading, comes from trading coins and tokens without understanding the risk/reward ratio and without realizing that this space is mostly filled with grifters, criminals, and peddlers," he noted in his post.
Crypto prices fluctuate daily due to macroeconomic factors. On May 17, Bitcoin and Ether were trading at $66,426 (approximately Rs. 55.4 lakh) and $3,232 (around Rs. 2.70 lakh) respectively. Dogecoin itself saw a 2.08 percent drop, trading at $0.13 (about Rs. 11.10) on June 17.
Mishaboar intends to continue updating new investors in the crypto space with insights and price observations in the coming days, aiming to educate and inform them about the market dynamics and potential pitfalls.