According to U.Today, a prominent Dogecoin contributor known as Mishaboar has issued a warning to the Dogecoin community. He anticipates extreme volatility in the cryptocurrency market due to the upcoming Bitcoin halving, which is expected to occur in about a week. Mishaboar has advised the Dogecoin community to avoid using leverage or trading crypto derivatives, especially in light of the impending Bitcoin halving. He believes that the event will significantly impact the crypto market for weeks and possibly months to come.
Mishaboar emphasized that crypto trading is already a high-risk venture, but the use of leverage and derivatives increases that risk to an unacceptable level for most. He compared it to gambling in a casino against the owners, who have tools and liquidity that the average person does not possess.
In addition to the Bitcoin halving, Mishaboar also pointed out that there are massive new flows of liquidity entering the crypto market from new markets. Trading on some blockchain networks is seeing incredibly high volumes. He warned that Dogecoin holders might be particularly at risk, as many players in the market view Dogecoin as one of the ultimate playgrounds.
Despite a slight increase, Dogecoin's value has dropped by 5.15% over the past 24 hours. This comes after a 10% surge in Dogecoin's value on Wednesday.