Mishabwar, a member of the Dogecoin community, has issued a warning.
In a warning to Dogecoin holders, Mishabwar urged them to stay away from so-called 'profit' programs that promise returns on Dogecoin deposits. In a post on X, he sent a cautionary message to the Dogecoin community.
Dear Dogecoin,
For years, I have warned people against placing Dogecoin in any kind of profit programs.
Regardless of how it is applied: this sector is so immature and corrupt that the risks will always outweigh the meager short-term benefits for most people...
Mishabwar confirmed that any returns offered through these programs come at a cost, often in the form of increased risk, loss of control, and exposure to centralized platforms. It is believed that the risks associated with these 'profit' programs will always outweigh the meager short-term benefits for most users, except for insiders.
Mishabwar highlights the danger of relinquishing ownership of a decentralized asset like Dogecoin, adding that once users hand over their Dogecoin to centralized lending or profit platforms, they are effectively trading it for 'debt securities.'
Mishabwar stated: 'You risk losing everything forever. You don't need a return on highly volatile assets at all,' reminding the community that giving up Dogecoin holdings puts them in the hands of speculators and market makers.
Dogecoin Price Movement
As of publication, Dogecoin has risen by 0.19% over the past 24 hours to reach $0.17. Dogecoin has stabilized around $0.17, with strong support in the range of $0.166-$0.167. The daily relative strength index is close to 50, indicating the potential for consolidation. Despite the recent pullback, Dogecoin's price is likely to see upward momentum if it breaks through the key resistance level. Crypto analyst Ali recommends monitoring three critical resistance levels for Dogecoin (DOGE): $0.18, $0.21, and $0.36.
Despite the decline in retail investor interest, whale accumulation in Dogecoin has increased by 112% over the past week.
Analysts say the asset forms a multi-year bullish pattern, which, if confirmed, could push its price to $0.75. Currently, Dogecoin remains stuck below the resistance level, but it is showing early signs of bullish re-accumulation at a critical support level.