DOGE Army Issued Crucial Warning by Top Dogecoin Contributor

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Mishaboar, a Dogecoin supporter active on social media under the handle @Mishaboar, recently took to Twitter to issue a cautionary message to investors dealing with Dogecoin and other less capitalized meme coins.

Specifically, be cautious when investing in meme cryptocurrencies that suddenly appear for trading on crypto exchanges with unusual speed.

Warning about meme coins surging in market caps quickly

Mishaboar specifically cautioned his audience about “skyrocketing tokens.” He explained that there has been a significant surge in their value, with some being rapidly added to major trading platforms in just a few days. He emphasized that warning signs are sometimes ignored before these tokens are listed.

According to Mishaboar’s explanation, meme coins have support from both cryptocurrency exchanges and venture capitalists. Typically, these entities hold substantial amounts of the coins’ supply and can arrange transactions with exchanges prior to the coins being made available for public trading.

Using this method, VC investors, as Mishaboar explains, can effortlessly make profits. They team up with prominent cryptocurrency influencers on X/Twitter and other social media outlets. This collaboration brings advantages not only to the investors but also to exchanges. Exchanges experience increased liquidity due to traders’ inflows, which comes at a minimal cost for these trading platforms.

Dear Dogecoin community, a friendly reminder for those engaging in meme token trading:

— Mishaboar (@mishaboar) April 23, 2024

Crypto influencers earn money by promoting coins to their audience, presenting them as community-driven projects. Mishaboar advises caution among Dogecoin supporters when dealing with such assets: “Exercise great care and keep in mind the potential risks involved in trading these assets.”

300 million DOGE shoveled to Robinhood

Today, around midday, a large-scale transfer of 300 million Dogecoins worth approximately $48 million was detected by Whale Alert, a well-known cryptocurrency monitoring service. It is unclear whether this transaction was made for the purpose of selling some or all of the coins soon, or if it was simply to store them on Robinhood for the investor’s future use.

Previously, Mishaboar revealed to U.Today that Robinhood holds the biggest Dogecoin wallet, accounting for around 30% of the total circulating coins.

During this period, DOGE has been trading flat around $0.1624, finding it difficult to surpass this price mark.

At the moment I’m writing this, the satirical version of Bitcoin in the cryptocurrency market is being traded for $0.1608 on Binance.

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2024-04-24 13:49