The Dogecoin community is once again being urged to take a hard look at their crypto holdings, as Mishaboar, a prominent voice in the space, has put out another warning - one that might not sit well with those still holding exchange-issued tokens.
The message is simple, though often overlooked: these assets are not just risky; they are fundamentally tied to the fate of the centralized entities that created them, entities that exist primarily to generate profit for themselves, not to ensure financial security for their users.
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Tokens like BNB, CRO, HT, FTX, BMX and even some stablecoins like BUSD are not just coins floating around in the crypto space, says the DOGE influencer. They are actually mechanisms that centralized exchanges and platforms use to create the illusion of liquidity. But this can and does collapse when cracks begin to form in the foundation of the issuing entity.
Hey Dogecoin - this is still crucial. Holding “exchange tokens” is riskier than many seem to be able to grasp.
You take upon yourself risk while inflating an exchange’s nominal but worthless liquidity.
Never hold long term these tokens. Swap to fiat, if your exchange allows it. https://t.co/jX3P4NXM5l
When that happens, it is the people holding these tokens who are left holding the bag, often without really knowing what they were getting into in the first place.
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Mishaboar's point is not new, and it is not meant to cause any unnecessary alarm. But it is something that needs repeating, because the risks have not gone away. The advice is still the same: do not hold onto these assets for the long term.
If you can get them out into fiat, it is worth considering. If not, it might be time to think again about whether it is really worth taking the risks, which, at best, are only sort of understood, and, at worst, are totally hidden from the average investor, Mishaboar says.
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For Dogecoin (DOGE) holders, this is a heads-up, not a reason to panic. But in a space where financial security often depends on knowing what you own and why, reminders like this are not just helpful - they are necessary.
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