A Dogecoin contributor known on social media as @Mishaboar has published an X/Twitter post to warn those users who are trading DOGE and smaller-market-cap meme coins.
In particular, this warning is about trading meme cryptocurrencies that get suspiciously quick listings on crypto exchanges.
Warning about meme coins surging in market caps quickly
In particular, Mishaboar warned his followers about “tokens that go up to crazy market caps.” He elaborated that now there is “an explosion” in them as they are instantly getting listed on large exchanges (literally within days). He stressed that sometimes these exchanges list them despite obvious red flags.
What this means, according to Mishaboar, is that these meme coins are backed by these exchanges themselves and by venture capitalists as well. As a rule, the expert continues, they own a large amount of these tokens’ supplies and may enter into deals with exchanges before these coins are even launched on the market.
This approach helps these VC investors to 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 since they see liquidity inflows from traders, which hardly costs anything for these trading platforms.
Dear #Dogecoin, once again, advice for those of you trading meme tokens.
There 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…
— Mishaboar (@mishaboar) April 23, 2024
These crypto influencers get paid for shilling these coins to their followers, claiming these coins are run by their crypto communities. Mishaboar warns the Dogecoin army to be watchful when trading these coins. “Be very careful, and be aware of the risks of trading with these assets,” he says.
300 million DOGE shoveled to Robinhood
Earlier today, prominent Whale Alert cryptocurrency tracker spotted an astounding 300,000,000 Dogecoin lump shoveled to the Robinhood investment platform. This transaction may have two goals – either to be sold now or a little later or merely to be stored on Robinhood on behalf of the investor. This amount of meme coins is the equivalent of $47,921,394.
Earlier, U.Today reported that Mishaboar confirmed Robinhood to have the largest Dogecoin wallet containing approximately 30% of the circulating supply of it.
In the meantime, DOGE continues to trade sideways, struggling to break out of the $0.1624 price range.
As of this writing, the cryptocurrency parody of Bitcoin is changing hands at $0.1608 on the Binance exchange.
