Dogecoin Developer Issues Important Warning to Investors as Market Turns Volatile

In the long run, Mishaboar hopes that members of the investor community do not get burnt out with unresearched or impulsive investments.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 17 June 2024 17:34 IST

Dogecoin Developer Issues Important Warning to Investors as Market Turns Volatile

Photo Credit: Unsplash/ Mathieu Stem

The DOGE developer plans on updating ‘newbies’ in the crypto space with crypto price observations

Highlights

There are presently over 2.4 million crypto tokens in circulation
Crypto market cap currently stands at $2.4 trillion
Crypto market gets volatile owing to macro-economic conditions

The crypto sector, after seeing a massive upswing in March this year, has found itself rather stagnated for over a month now. In light of the current volatile market conditions, one of Dogecoin's developers who goes by the name of Mishaboar has sounded an alert to the crypto community. He has released a warning asking the investor community to gauge the risks of investing in crypto assets before making any final decision. In the long run, Mishaboar hopes that members of the investor community do not get burnt out with unresearched or impulsive investments.

The Dogecoin developer, in his post on X, refers to crypto investing as ‘educated gambling'. 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. Do not gamble with more than you can afford to lose,” said Mishaboar on June 16.

At present, over 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), showed CoinMarketCap.

Not just individual investors, but multiple firms including several from the Fortune 500 group are now engaging with cryptocurrencies. This kind of support from institutional investors can give individual investors a push to test their fate with crypto assets, sometimes without proper research.

Mishaboar noted that crypto criminals are on the rise, hunting 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 without realising that this space is mostly filled with grifters, criminals and peddlers,” his post added.

Dear Dogecoin, and especially those of you new to crypto:

Crypto is extremely volatile and risky. Do not 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 crypto you are…
— Mishaboar (@mishaboar) June 16, 2024

The prices of cryptocurrencies change on a daily basis, owing to the variations in the macro-economic 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 recorded a price drop of 2.08 percent to trade at $0.13 (roughly Rs. 11.10) on June 17. In the coming days, the DOGE developer plans on updating ‘newbies' in the crypto space with crypto price observations.

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Further reading: Cryptocurrency, Dogecoin, Doge, Mishaboar

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More