The crypto sector, after seeing a massive surge in March this year, has been pretty stagnant for over a month now. In light of the current volatile market conditions, one of the Dogecoin developers who goes by the name Mishaboar has sounded a warning to the crypto community. It has issued a warning asking the investment community to assess the risks of investing in crypto assets before making any final decisions. In the long run, Mishaboar hopes that members of the investment community won't burn themselves out with impulsive or unresearched investments.
The developer of Dogecoin, in his post on X, refers to crypto investing as “educated bets”. He has expressed his fear 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 play with more than you can afford to lose,” Mishaboar said on June 16.
Currently, more than 2.4 million cryptocurrencies are circulating in the market. The current valuation of the crypto sector stands at $2.42 trillion (roughly Rs. 2,02,14,054 crore), CoinMarketCap showed.
Not only individual investors, but also various companies, including several from the Fortune 500 group, are now interacting with cryptocurrencies. This kind of support from institutional investors can give individual investors a push to try their luck with crypto assets, sometimes without proper research.
Mishaboar noted that cryptocriminals are on the rise, looking for potential victims.
“The biggest risk for newbies, next to leverage trading, comes from trading coins and tokens without understanding the risk/reward ratio. And not 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 not into crypto:
Crypto is extremely volatile and risky. Don't play 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 crypto you are…
— Mishaboar (@mishaboar) June 16, 2024
Cryptocurrency prices change daily, due to variations in macroeconomic conditions. On Monday, May 17, Bitcoin and Ether were trading at $66,426 (approx. 55.4 lakh) and $3,232 (approx. 2.70 lakh) respectively.
Dogecoin itself saw a 2.08 percent price drop to trade at $0.13 (roughly Rs. 11.10) on June 17. In the coming days, developer DOGE plans to update “newbies” in the crypto space with crypto price observations.
