Dogecoin developer equates meme-coin investing to gambling

The prominent community member and one of the driving forces behind $DOGE has issued a bracing warning to crypto enthusiasts with high risk aversion

Investing in assets you think are of value and will experience consequential growth is one thing, mused Mishaboar, one of the most prominent Dogecoin developers on social media X but putting one’s faith blindly into meme coins is another mater altogether.

Mishaboar used his clout with the community to try and communicate across the dangers of getting involved with crypto, describing the sector as “volatile and risky.”  As we noted earlier, investing in Dogecoin is an open-ended question, especially when you consider the timing.

$DOGE experienced a meteoric race that undergirded the wider meme-coin community, following the antics of Elon Musk, Tesla and SpaceX’s CEO, who used X, then known as Twitter, to release cryptic and half-joculous  messages about crypto and its value.

Investors took it as a sign of better things to come and invested so heavily into $DOGE that the original developers were forced to come back to the project and start developing it. Ironically, they didn’t intend to and Dogecoin was meant to be a barefaced mockery of the sector.

Fast forward to 2024, and $DOGE is here to stay. Although it has given rise to other meme-coin projects, such as $MOTHER by Iggy Azalea, a risqué rapper. Mishaboar said that at best, crypto investment is just a “slightly educated” gambling, and that the meme-coin sector in particular was open to manipulation, sudden and drastic changes in value, and worse.

Mishaboar was also concerned by the way how new investors got involved in the sector, taking on risk without fully understanding the background mechanics of the industry. He added that newbies were also misled by “grifters, criminals, and peddlers,” saying that a better understanding of the market was necessary.

“However, in the coming weeks and months, I will make some observations about it, as it feels that the biggest risk for newbies, next to leverage trading, comes from trading coins and tokens without understanding the risk/reward ratio,” Mishaboar said on his X account.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.