Dogecoin (DOGE) Reveals 4 Key Survival Tips for Investors Right Now

Essential Guidelines for Dogecoin and Cryptocurrency Investors

Image source: U.Today

With Dogecoin's recent surge, reaching a peak of $0.3034, Mishaboar, a respected DOGE community leader, has issued crucial guidance for both new and experienced crypto investors.

1. Invest Wisely:
Mishaboar emphasizes the importance of investing only what you can afford to lose or have tied up. While Dogecoin is a more established meme coin, its price action requires careful consideration of risk.

2. Avoid Leverage and Derivatives:
Mishaboar warns against the use of leverage and derivatives, which are not suitable for most retail investors. Dogecoin is already considered a leveraged bet on Bitcoin, and using derivatives can magnify losses, particularly in a market susceptible to manipulation.

3. Seek Self-Custody:
Mishaboar highlights the value of self-custody, as holding cryptocurrency on exchanges can result in assets being at risk of total loss in case of an exchange's insolvency.

4. Diversify Your Holdings:
To minimize risk, Mishaboar advises against concentrating all crypto in one location. He reminds investors that past industry leaders like FTX were once considered secure but later collapsed. Diversification across multiple platforms and self-custodial wallets is recommended to reduce account freeze and bankruptcy risks.

Original article: U.Today