A significant figure in the Dogecoin community, known as Mishaboar on Twitter, has issued a cautionary message to the DOGE community. He emphasized that this advice is crucial given the upcoming Bitcoin halving event, which is scheduled to occur within the next week.
Mishaboar has issued a warning: the cryptocurrency market may experience significant price swings soon. Therefore, in his tweet to the DOGE community, he recommended preparation for potential volatility.
DOGE contributor’s major warning
The advisor, Mishaboar, has advised the Dogecoin community against utilizing leverage or dealing with crypto derivatives once more. He emphasized that this guidance is valuable at all times, but it holds even greater significance given an upcoming event that could significantly influence the crypto market for a prolonged period. This event refers to the Bitcoin halving which is due in less than a week.
According to Mishaboar’s prediction, the increasing instability in the coming days could make things even more perilous for traders, potentially resulting in significant losses for them.
Dear Dogecoin community, I strongly advise against using leverage and derivatives in crypto trading for your own good. This recommendation holds true regardless of the current market conditions. However, with heightened volatility on the horizon, the risks could be even greater. Ultimately, the stakes are high and there’s a real risk of losing everything.
— Mishaboar (@mishaboar) April 11, 2024
Mishaboar cautioned the public that crypto trading involves significant risk as it is, but the use of leverage and derivatives significantly increases this risk to a point that is generally unwarranted. He drew an analogy between this situation and gambling in a casino where the house has an unfair advantage due to their resources and market manipulation abilities, which individual traders do not possess.
Bitcoin halving approaching, DOGE is one of ultimate playgrounds
An expert warned the crowd that another Bitcoin halving is imminent, implying potential volatility in the markets. He added that this unpredictability could negatively impact some individuals, as many hold false assumptions about the direction of the crypto market’s movement.
The contributor brought up a crucial point to the community, noting that large amounts of new liquidity are entering crypto from emerging markets right now. As a result, trading activity on certain blockchain networks has reached unprecedented levels. Mishaboar issues a warning to Dogecoin investors, explaining that they may be especially vulnerable given that “many market participants view Doge as an attractive target for speculative trading.”
As the halving event draws near, things may become unpredictable in the market as some people believe they can accurately forecast its outcome. Additionally, large amounts of new liquidity are entering the markets from previously untapped sources, making trading on certain platforms more complex.
— Mishaboar (@mishaboar) April 11, 2024
Over the last 24 hours, Dogecoin experienced a decrease of 5.15%, which is a small setback. This comes after a significant 10% increase observed on Wednesday.
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2024-04-11 18:43