Dogecoin Lead Sounds Alarm Amid 145% DOGE Price Surge
Analysis
Price Impact
HighThe recent 145% surge in doge price is attributed to several factors, including elon musk's recent tweet about dogecoin. this spike in price has highlighted the need for stronger security measures, especially with the issue of users losing access to their assets due to the phantom wallet update.
Trustworthiness
HighThe warning from mishaboar, a prominent voice in the dogecoin community, is a serious concern. he emphasizes the need for improved security practices, especially in light of the recent wallet update incident. the advice is not just for phantom users, but for anyone who uses a smartphone wallet, urging them to take necessary precautions.
Price Direction
NeutralWhile the recent surge in doge's price has been significant, the warning about phantom wallet security could potentially lead to a correction in the short term, as investors might seek to move their assets to more secure platforms. however, the long-term impact on the price is uncertain.
Time Effect
ShortThe impact of the security concerns is likely to be felt in the short term, as investors reassess their risk and security measures. the news might trigger a sell-off or correction in the doge market as users adjust their portfolio strategies, shifting from mobile wallets to more secure options.
Original Article:
Article Content:
News Thu, 14/11/2024 - 13:26 Cover image via www.freepik.com Read U.TODAY on Google News A prominent voice in the Dogecoin (DOGE) community, known by the nickname "Mishaboar," has recently issued an important security advisory. While DOGE has seen a huge spike of over 145% in the last 10 days, reaching $0.40 per coin with a market cap of $59.19 billion, the timing of this warning could not be more critical. His advice was not just for Dogecoin holders but for the broader cryptocurrency community as well, as he pointed out some security issues with the popular Phantom wallet. Related Wed, 11/13/2024 - 15:50 550 Million Dogecoin (DOGE) in 20 Minutes, Something Is Brewing Godfrey Benjamin As it turns out, the latest update to the Phantom wallet has caused some users to lose access to their digital assets. The software, which was originally designed for Solana but now also supports Bitcoin (BTC) and Ethereum (ETH), is popular among meme traders. However, the latest update has caused some major setbacks for users. HOT Stories BTC Creator Satoshi Nakomoto Now 19th Richest Person in World: Report Elon Musk’s Dogecoin Tweet Drives DOGE Army Nuts With Excitement ‘Planning The Bitcoin $100,000 Party’: MicroStrategy’s Michael Saylor BlackRock Discloses New Position in IBIT A coworker of mine just lost 360k USD worth of some crazy monkey money and "stable"coins Advertisement — Mishaboar (@mishaboar) November 13, 2024 According to some reports, the update can delete a user's seed phrase if it is not saved, which can lead to a loss of access. In one notable case, the founder of a Solana-based project reportedly lost $1 million in POPCAT tokens due to this issue. Secure your bags yourself Mishaboar advised users of the Phantom wallet to take immediate action, starting with backing up their seed phrases to ensure future access. Instead of keeping large crypto holdings in a smartphone wallet, users should turn to cold wallets or offline storage, which is much more secure, the DOGE influencer said, as this warning is not just for Phantom users and applies to anyone who uses a smartphone wallet. Related Wed, 11/13/2024 - 14:35 Dogecoin Foundation: We're 'Working Hard' on This Important Project Yuri Molchan The advice was aimed at Phantom wallet users, but it is a good reminder for the entire digital asset community. As prices rise and more people become interested in the market, such a statement underscores the need for better security practices by encouraging crypto owners to take active steps to protect their assets. #Dogecoin #Dogecoin News #Meme Cryptocurrencies #Memecoin News