u.today
The price of the most popular meme cryptocurrency, Dogecoin (DOGE), saw another epic surge in the past 48 hours, rising nearly 25% to a high of $0.1798. If things continue as they are, this could be the third consecutive week of gains for DOGE, with the previous two weeks since mid-October ending with gains of 27.59% and 1.49%.
As a result, the price of DOGE has gained 48.67% from Oct. 1 to date, which is the best month of its performance since March, in other words, in the last six months. In the midst of this, talk of DOGE going "to the moon" has resurfaced, with projections as high as $1 per Dogecoin and beyond.
Not everyone is so upbeat amid such positive price action; however, one of the most prominent spokespersons for DOGE, known by the nickname Mishaboar, took to his social media with a severe warning.
"Euphoria is back"
Expressing his concerns and pointing out that cryptocurrency trading can be pretty volatile, and even a form of educated gambling because of how unpredictable it is, Mishaboar encouraged Dogecoin fans to be aware of the risks, particularly given the growing excitement around DOGE and the crypto market in general.
There is renewed excitement around #Dogecoin and crypto in general, and euphoria is back on the menu.
— Mishaboar (@mishaboar) October 30, 2024
I understand. But as I’ve done continuously over the past years, here’s my reminder: crypto trading is, at best, a slightly educated form of gambling. This market is not fair.… pic.twitter.com/z1vAbnMENP
They also advised against using leverage and derivatives trading, as well as locking Dogecoin or other assets into programs that offer high annual percentage yields. These programs often involve risky arrangements with third parties, which could lead to significant financial losses, warns the Dogecoin influencer.
This cautious approach suggests a balanced way to manage your meme coin holdings. While Dogecoin's October gains are still giving people confidence, this reminder is a bit of a reality check for the community.