Warning To Memecoin Traders From A Big Dogecoin Contributor

In a recent post on X, a big-time Dogecoin contributor known as Mishaboar threw up a big warning to memecoin traders on a recent X post about trading memecoins, primarily the newer varieties that are popping up all over different blockchains. He's warning folks about diving into these coins, especially when they hit the exchanges right after launch. This post apparently made a big splash the the main crypto news sites, so we figured we would chime in on the action being that memecoins are all the rage this cycle.

The Big Memecoin Warning

Mishaboar is apparently sweating over how fast meme coins are blowing up in the crypto world, sometimes hitting crazy market caps within days of launch and getting listed on major exchanges in a in no time which gets people all hyped up to do be little degens in the markets. He is warning the big VCs and exchanges are behind much of the funding and are known to dump on retail traders once the price is pumped through social media hype.

He gives the opinion that these quick listings are often set up in advance by the coin creators and exchanges. "These big shots often hold a bunch of the coins and might make deals with exchanges before the launch," he explains. This way, they can cash in on the initial frenzy and beef up the trading action on their platforms without breaking a sweat. But it leaves us wondering if the whole launch and listing game is really fair and transparent.

He's also calling out influencers who hype up these coins, painting them as community-driven and your new best pals. But according to Mishaboar, that's often just a cover-up for the fact that these launches are actually all about making a quick buck, not about the community.

Questioning Insider Deals

Mishaboar isn't letting past controversies slide either, especially regarding potential insider trading action with tokens like BOME and how platforms like Binance jump to list new and risky coins. He's asking, "Hey, does Binance have secret deals with the folks behind these coins before they even launch?" It's all about finding out if there's a plan to protect users or if the fast-track listing just piles on more risk for them.

Sorting Through the Memecoin Mess

He wants us to know that not all memecoins are cut from the same cloth. Some might have a community vibe, but others are totally bankrolled by big investors and are the ones getting those instant exchange listings. "It's a mixed bag," he says, urging traders to be smart about the risks involved. Most memecoins are no better than going to a casino and betting on red or black at a Roulette table. Dogecoin is different. It was the original memecoin and is built on a Proof of Work protocol that merge mines with Litecoin to give both chains the security they need to keep the user and the ledgers safe. Really none of the other memecoins out there can compare.

As the old saying goes, make sure to do your research before piling into big trades. Most importantly, do not risk more than you can afford to lose. Too many times you hear of traders putting it all, or at least large sums of money up on these super risky trades, just to lose out on a pump and dump scheme.

What's Up with Dogecoin?

Responding to someone's worries about Dogecoin's future, Mishaboar gives a thumbs-up. He says Dogecoin's network is doing just fine especially with the latest update rolling out a few months back. He shouts out the volunteer devs who've been busting their butts since 2021 to keep the network in tip-top shape.

He adds that there are new releases in the works and plenty of companies and indie devs tinkering with Dogecoin. As for big names like X or Tesla jumping on the Dogecoin train, it's all up to them and the rules they have to follow. Dogecoin's got all it needs to be adopted, he says.

Closing Thoughts

Mishaboar wraps up by reminding everyone to keep their eyes peeled and make smart moves in the crypto game. Sure, memecoins might seem like a shortcut to cash, but they're a rollercoaster ride of risk. So, before jumping in, think twice and know that each token comes with its own set of dangers, even Dogecoin.

So make sure you are using all of the resources you have to do the research you need on these coins. You can track many of them on the Coin Logic Markets page with our market stats, charts, and more, then go trade using any of our exchange options on our LogicSWAP DEX!

Nothing said is financial advice.

This is for educational and recreational purposes only!

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Posted Using InLeo Alpha