Following the rapid rise in the price of Dogecoin, community leader Mishaboar reminded investors to be careful and gave important advice on risk management, avoiding leveraged transactions, and self-custody (storing in one's own wallet). Discussing ways to protect against fluctuations in the crypto market, Mishaboar called on investors to act consciously.$DOGE
With the price of Dogecoin rising from $0.282 to $0.3034, investor interest has increased again. However, Mishaboar stated that this rise is a warning for investors. Emphasizing that although Dogecoin is a well-established meme coin, price fluctuations are still unpredictable, Mishaboar said investors should only invest amounts they can afford to lose. He also stated that the chaotic nature of the market should be taken into consideration.
Warnings About Leveraged Trading and Derivatives
Mishaboar stated that leveraged transactions and derivative products carry excessive risk, especially for retail investors. He pointed out that trading a volatile asset like Dogecoin with derivative instruments can further increase losses. Stating that markets are open to manipulation, Mishaboar underlined that investors should be more cautious.
Beware of the Search for High Returns
While APY (Annual Percentage Yield) programs that promise high returns may seem attractive, Mishaboar noted that such programs can often run counter to investors’ interests. Emphasizing that chasing high returns is not worth taking uncontrolled risks, Mishaboar urged investors to be more careful.
The Importance of Self-Custody
Mishaboar stated that it is not safe to keep Dogecoin and other crypto assets on exchanges, and said that investors should keep their assets in their own wallets. He emphasized that cryptocurrencies held on exchanges are not actually considered real assets and that these assets can be lost if the exchanges crash. He noted that it is very important for investors to have their own assets directly in terms of security.
Spreading Assets and Mitigating Risks
Mishaboar also warned about the risks of gathering all investments on a single platform, recalling that some platforms that were considered safe in the past caused investors to lose their assets with sudden collapses. He stated that distributing assets to different exchanges and wallets is an important strategy to prevent potential losses.
In conclusion, these recommendations shared by Mishaboar show that investors should act consciously in the crypto market and be better protected against possible fluctuations.