An influential Dogecoin contributor who goes by the name Mishaboar on X/Twitter has published a warning to the DOGE army. He stressed that his warning is particularly important in light of the approaching Bitcoin halving approximately one week from now.
Mishaboar has warned that he expects extreme volatility to hit the cryptocurrency market, hence, the advice he offered to the DOGE army in his tweet.
DOGE contributor's major warning
The contributor has once again warned the Dogecoin community to stay away from using leverage or trading any crypto derivatives. Mishaboar stressed that this advice is good at any time, but it has become particularly important considering the fundamental event that is expected in a week and is to have a major impact on the crypto market for weeks and months to follow. This event is the Bitcoin halving scheduled in eight days.
The rising volatility within the next few weeks, per Mishaboar, “might make this an even more dangerous game.” Traders may risk to lose it all, he added.
Mishaboar reminded the community that crypto trading is already a very risky venture, but “leverage and derivatives compound that risk to a level that is for most unacceptable.” He likened it to playing in a casino against the owners of the place, “within their block boxes, and against market makers that have tools and liquidity at their disposal you do not have.”
Bitcoin halving approaching, DOGE is one of ultimate playgrounds
The expert also reminded the community that another Bitcoin halving is approaching, and due to this, “things will get weird (in any direction).” This may get worse for many, he continues, since a lot of people believe that they can easily predict which turn the crypto market will take.
The contributor also reminded the community that currently massive new flows of liquidity are coming into crypto from new markets, and trading on some blockchain networks sees insane volumes these days. Mishaboar stresses that Dogecoin holders might be at risk here in particular since “many players in that arena look at Doge as one of the ultimate playgrounds.”
Despite a small rise, over the past 24 hours, the DOGE decline has constituted 5.15%. This followed the 10% surge seen by Dogecoin on Wednesday.