Dogecoin developer Mishaboar has issued an important warning to community members at a time when risk management is very important. According to Mishaboar, the crypto ecosystem is very volatile, and investors in the community must not commit more than they can afford to lose.

Holy Grail of crypto safety

According to the Dogecoin developer, investors who lose sleep at night because of their investments in crypto are proof that they are overexposed. While acknowledging that crypto trading is fundamentally an educated gambling exercise, he noted that investors must have adequate knowledge of what they are up to before placing bets on any asset.

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This trend is understandable as the majority of digital currencies and meme coins like Shiba Inu (SHIB) and Dogecoin have recorded massive slumps thus far this month. Despite the prospects of massive gains on niche asset classes like meme coins, the risk of loss is high. 

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

In order to stay safe, Mishaboar, like other top industry leaders, admonished traders to fully understand the risk/reward ratio of any asset they wish to place their bets on. As a way to wrap up his counsel, he said risk analysis is crucial since the industry consists of grifters who can easily swindle users out of their capital.

Corroborating reality

Another Dogecoin insider, Vee, corroborated the claims of the growing numbers of grifters in the community. According to Vee, reducing exposure to these scammers could increase the chances of growing wealth for investors in general.

With the many rug pulls recorded in the crypto ecosystem thus far, Vee noted that while traders might believe the next crypto will be their breakthrough bet, so too can they lose a fortune without knowing.

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Besides Dogecoin proponents, Shiba Inu executives are also constantly issuing warnings to their community members. This is because many take advantage of the SHIB brand to target unsuspecting investors and rob them of their capital.