Last week, Dogecoin’s value soared by 83%, hitting a high of 0.282 and reaching a peak today at 0.3034. Amid this surge, Mishaboar, a leading figure in the DOGE community, offered vital advice for both new and seasoned investors in the cryptocurrency space. Mishaboar’s first tip encourages investors to only put in money they can afford to lose or keep locked in an asset that might drop in value. Despite Dogecoin’s status as an established meme coin, its price fluctuations remain unpredictable, highlighting the need for cautious investment.
Mishaboar also highlighted the dangers of leveraging and using derivatives for retail investors. Given that Dogecoin itself represents a high-risk bet on Bitcoin, engaging with derivatives could amplify losses, particularly in a market prone to manipulation by exchanges, market makers, and cartels.
Moreover, Mishaboar cautioned against chasing higher returns through APY programs, which come with added risks and might use assets in ways that don’t align with the investor’s best interests. As a third tip, Mishaboar emphasized the importance of self-custody for Dogecoin, pointing out the risks of storing cryptocurrencies on exchanges. They argue that keeping DOGE on an exchange is akin to holding an IOU, where investors could potentially lose everything if the exchange goes under.
