Influential Dogecoin (CRYPTO: DOGE) figure Mishaboar has issued a warning to DOGE holders about the potential risks of leverage and derivatives in cryptocurrency, particularly in the face of expected market volatility.
What Happened: On Wednesday, Mishaboar took to Twitter to caution Dogecoin holders about the dangers of leverage and derivatives in the crypto market.
“Dear #Dogecoin, if there’s one piece of advice you should take from my feed, it is to stay away from leverage and derivatives in crypto. This applies at any time, but in the upcoming weeks, extreme volatility might make this an even more dangerous game. You risk losing it all,” he tweeted.
In a separate tweet, Mishaboar further explained his stance, stating, “Because while crypto trading is already incredibly risky, leverage and derivatives compound that risk to a level that is for most unacceptable. It is playing in a casino against the very owners of the casino, within their block boxes, and against market makers that have tools and liquidity at their disposal you do not have.”
Pal also warned that leveraging in a volatile asset like cryptocurrency could be a “ticket to bankruptcy,” particularly in light of recent market liquidations.
Price Action: Dogecoin traded 3.8% higher at $0.20 at the time of writing, according to Benzinga Pro data.
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