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A Dogecoin contributor known on social media as @Mishaboar posted an X/Twitter post to warn users who trade DOGE and smaller market cap meme coins.
In particular, this warning concerns trading meme cryptocurrencies that get suspicious and rapid listings on crypto exchanges.
Warning About Rapidly Rising Meme Coin Market Caps
In particular, Mishaboar warned his supporters against “tokens that reach crazy market caps.” He explained that there is now “an explosion” with them, as they are instantly listed on major exchanges (literally within days). He pointed out that sometimes these exchanges list them despite obvious red flags.
According to Mishaboar, this means that these meme coins are backed by these exchanges themselves as well as venture capitalists. As a rule, the expert continues, they own a large quantity of these tokens and can conclude agreements with exchanges even before these coins are launched on the market.
This approach helps these venture capitalists generate easy profits, Mishaboar continues. They collaborate with key cryptocurrency influencers on X/Twitter and other social media platforms. This is also beneficial for exchanges as they see liquidity inflows from traders, which costs these trading platforms virtually nothing.
These crypto influencers are paid to offer these coins to their followers, claiming that these coins are run by their crypto communities. Mishaboar warns the Dogecoin army to be vigilant when trading these coins. “Be very careful and aware of the risks of trading with these assets,” he says.
300 million DOGE paid to Robinhood
Earlier today, prominent cryptocurrency tracker Whale Alert spotted an incredible 300,000,000 Dogecoin shoveled onto investment platform Robinhood. This transaction can have two purposes: either to be sold now or a little later, or simply to be stored on Robinhood on behalf of the investor. This amount of meme coins is equivalent to $47,921,394.
Earlier, U.Today reported that Mishaboar confirmed that Robinhood owns the largest Dogecoin wallet containing around 30% of the circulating supply.
Meanwhile, DOGE continues to trade sideways, struggling to break out of the $0.1624 price range.
As of this writing, cryptocurrency parody Bitcoin is changing hands at $0.1608 on the Binance exchange.