Elon Musk argues Dogecoin Hodlers should be wary of leveraged trading – Tesla Motors (TSLA)

Tesla Inc. (NASDAQ: TSLA) CEO Elon musk recently responded to a Tweeter who drew attention to the dangers and pitfalls of leverage Dogecoin (CRYPTO: DOGE) trade.

Musk was reacting to a post from Twitter user Mishabar.

Mishabar tweeted that some holders of the cryptocurrency meme started asking for help after their margin accounts were liquidated.

He mentioned that it was important to educate people about risky leverage trading and compared taking the extra risk to adding gasoline to the fire.

“Experienced traders and those with large amounts of cash can take a chance to play with this. But trust me, many are not as ‘experienced’ as they think they are,” Mishabar tweeted. “You are against organizations and institutional investors who have a lot more information than you.”

Mishabar wrote: “These tools are already dangerous in traditional markets. However, in the crypto market, which is largely unregulated, the risks and injustice are multiplied by 100.”

“Again: it’s playing Russian roulette against the guy who made the gun and who knows exactly which chamber the bullet is in,” he added.

Musk responded to the tweet and said, “Good thread.”

Last week, Musk supported another view on Dogecoin, saying he should break his reliance on centralized exchanges like Robinhood Markets Inc. (NASDAQ: HOOD) and Binance.

Binance and Robinhood are some of the cryptocurrency exchanges that support Dogecoin. These exchanges allow users to buy and sell coins using fiat or other cryptocurrencies.

Related Link: Whales Buy Dogecoin, Meme Crypto Ranks Among Most Actively Used Smart Contracts

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