The crypto sector, after a huge rise in March of this year, has been pretty stagnant for more than a month. In light of the current volatile market conditions, one of the Dogecoin developers who goes by the name Mishaboar has warned the crypto community. He issued a warning asking the investment community to evaluate the risks of investing in crypto assets before making any final decisions. In the long term, Mishaboar hopes that members of the investor community won’t get burned with unexplored or impulsive investments.
The developer of Dogecoin calls crypto investing ‘educated gambling’ in his post on Xu. He expressed fears that investors who are losing sleep over their crypto investments – may have been overexposed to the sector.
“Crypto is extremely volatile and risky. Don’t gamble more than you can afford to lose,” Mishaboar said on June 16.
There are currently more than 2.4 million cryptocurrencies circulating on the market. The current valuation of the crypto sector is $2.42 trillion (roughly Rs. 2,02,14,054 crore), CoinMarketCap showed.
Not just individual investors, but more companies, including several from the Fortune 500, are now dabbling in cryptocurrencies. This type of support from institutional investors can encourage individual investors to test their luck with crypto assets, sometimes without proper research.
Mishaboar noted that crypto criminals are on the rise, looking for potential victims.
“The biggest risk for beginners, along with trading leverage, comes from trading coins and tokens without understanding the risk-reward ratio. And not realizing that this space is mostly filled with fraudsters, criminals and traders,” his post added.
Dear Dogecoin, and especially those who are new to cryptocurrency:
Crypto is extremely volatile and risky. Don’t gamble with 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 cryptocurrency is…
— Mishaboar (@mishaboar) June 16, 2024
Cryptocurrency prices change daily, thanks to variations in macroeconomic conditions. On Monday, May 17, Bitcoin and Ether were trading at $66,426 (roughly Rs. 55.4 lakh) and $3,232 (roughly Rs. 2.70 lakh), respectively.
Dogecoin itself saw a price drop of 2.08 percent to $0.13 (roughly Rs. 11.10) on June 17. In the coming days, the DOGE developer plans to update the ‘newcomers’ in the crypto space with crypto price observations.
