Dogecoin has skyrocketed this October, marking a 48.67% gain since the start of the month. In the past 48 hours alone, DOGE’s price shot up nearly 25%, reaching a high of $0.1798. If DOGE maintains this pace, it will notch its third consecutive week of growth.

Gains for the previous two weeks have already hit 27.59% and 1.49%, indicating substantial upward momentum since mid-October. October now stands as DOGE’s strongest month since March, highlighting an impressive six-month peak in performance.

Rising Optimism Drives Bold Projections

With DOGE’s impressive gains, discussions around it reaching “the moon” have resurfaced, with some speculators forecasting the coin could climb to $1 or higher. Enthusiasm around this meme coin has drawn in both longtime holders and new investors, who are increasingly hopeful about its potential for even greater returns. 

_{DOGE to USD Source: CoinMarketCap}

The cryptocurrency market’s renewed excitement in meme coins has fueled DOGE’s ascent, placing it in the spotlight once again. Not everyone is celebrating, however. Mishaboar, a prominent DOGE advocate, took to social media with a cautionary note, advising investors to tread carefully despite the excitement. 

Related article: Dogecoin Rally Sparks Debate: Will Profit-Taking Trigger a Price Retracement?

Mishaboar emphasized the inherent volatility of cryptocurrency trading, likening it to a form of “educated gambling” due to the unpredictability and rapid price shifts common in the crypto space. Their cautionary stance serves as a reminder of the speculative nature of these investments, urging investors to stay mindful of risks.

Avoid High-Risk Trading and Yield Programs, Influencer Advises

Mishaboar specifically recommended against using leveraged trading, derivatives, or locking assets like DOGE into high-yield programs. Such programs often involve third-party arrangements that can increase the risk of significant losses. 

For investors looking to maintain stability, Mishaboar’s advice encourages a conservative approach, emphasizing the importance of holding assets without engaging in high-risk activities that could lead to financial hardship.

Related article: Dogecoin Outlook: Will Profit-Taking Impact Its Growth?

While Dogecoin’s October performance has inspired fresh optimism, Mishaboar’s warning serves as a reality check. By stressing the importance of careful risk management, Mishaboar reminds the DOGE community to balance excitement with caution. 

As Dogecoin continues to gain traction, investors must weigh potential rewards against the risks that come with the volatile world of cryptocurrencies.