Social media user @Mishaboar, dogecoin He warned users interested in (DOGE) and meme coins with smaller market caps. Specifically, this warning was about trading meme cryptocurrencies that were quickly listed on crypto exchanges and had questionable trading volumes.
Warning About Meme Coins With Rapidly Increasing Market Value
Mishaboar specifically warned his followers about “tokens reaching crazy market values.” He emphasized that these tokens were quickly listed on major exchanges and “there was an explosion.” He even noted that sometimes exchanges carry out these listings despite clear red flags. According to Mishaboar, this means that meme coins are backed by these exchanges and venture capitalists. Experts state that they usually hold a large portion of these tokens and may make agreements with exchanges before these coins are released to the market.
Mishaboar says this approach helps venture capitalists make profits easily states. They collaborate with major cryptocurrency influencers on X and other social media platforms. This is also beneficial for exchanges because they see liquidity inflow from traders and this costs almost nothing to the trading platforms.
Dear #dogecoinonce again, advice for those of you trading meme tokens.
NEWS CONTINUES BELOWThere is an explosion in tokens that go up to crazy market caps, with instant listings (within days) on large exchanges (sometimes in spite of red flags).
When you see this happening, it means these…
NEWS CONTINUES BELOW— Mishaboar (@mishaboar) April 23, 2024
This crypto- Influencers charge their followers to promote these coins by claiming that these coins are managed by crypto communities. Mishaboar warned the Dogecoin community to be careful when trading these coins. “Be very careful and know the risks of trading these assets,” he stated.
300 Million DOGE Transferred to Robinhood
Earlier today, prominent cryptocurrency tracker Whale Alert detected a massive transfer of 300,000,000 Dogecoin to the Robinhood investment platform. This transaction can have two purposes, either it is stored to be sold now or later, or it is simply stored on Robinhood on behalf of the investor. This amount of meme coins is worth approximately $47,921,394. It is worth noting that Mishaboar has Robinhood’s largest DOGE wallet, containing approximately 30% of the circulating supply. Meanwhile, DOGE is trading sideways, struggling to break out of the $0.1624 price range. It is currently trading at $0.1608 on the Binance exchange.
