A respected member of the Dogecoin community, Mishaboar, recently issued a crucial warning about cryptocurrency security, especially for new users. It’s a simple message, but it’s incredibly important.
Your Crypto Isn’t In Your Wallet
Many people mistakenly think their Dogecoin is stored directly in their wallet (whether it’s a hardware device or an app). This isn’t true. Your Dogecoin actually exists on the blockchain. Your wallet simply holds the key to access it – that key is your seed phrase.
Losing your seed phrase is like losing your house keys – you’re locked out, and there’s no way to get back in. If you reset your wallet and generate a new seed phrase, the old one is gone forever. Your Dogecoin is still on the blockchain, but you can’t access it without the original seed phrase. There’s no recovery option, and no one can help you.
Mishaboar strongly advises making multiple backups of your seed phrase and storing them safely offline. Don’t keep it on your computer, phone, or in an email. Think physical, secure locations.
Dogecoin Price Update: A Rollercoaster Ride
Dogecoin’s price has been a bit of a rollercoaster lately. Between June 18th and 25th, it fluctuated between $0.145 and $0.170. After hitting a low of $0.1513 around June 22nd, it rebounded.
There was a significant price swing over the weekend, dropping from around $0.157 to $0.143 before recovering to about $0.153. Trading volume was unusually high during this period. Following the rebound, Dogecoin saw a substantial increase of roughly 6.6% on June 24th, reaching an intraday high of $0.1673.
At the time of writing, Dogecoin is trading at $0.1667, up slightly in the last 24 hours. However, it’s still down about 3% for the week.
