Joe007, a former top Bitfinex trader, warns against purchasing altcoins hoping for “parabolic advances” and also being early on a trend.
Joe007 tweeted that parabolic advances on some cryptocurrencies have already happened, and traders shouldn’t risk hopping on trends aiming to still be early on them, as popular cryptos like BTC, ETH, and DOGE already sky-rocketed.
So lemme see… This cycle BTC hit 20x trough to peak, ETH ~50x, DOGE 1000x – but you’re STILL waiting for that “parabolic advance”? https://t.co/ARI52Nv0Xb
— Joe007 alerts·groups·funds? Scam! (@J0E007) May 14, 2021
He also posted other tweets before, while criticizing the Dogecoin rice, mentioning that the crypto had a $85 billion market cap, which was more extensive than some well known financial giants like Deutsche Bank, Santander, and Barclays.
The crypto’s price has decreased from an all-time high to nearly $0.8 this month.
However, the market cap is still high, at $71 billion. Currently, Doge is trading for roughly $0.54 after jumping over 30% on the last day, after Elon Musk tweeted that he is working with Dogecoin devs “to improve system transaction efficiency.”
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Joe has also warned against a potential market modification that may lead to multiple altcoin traders’ loss of investments.
He also said how if traders maintain 10% of the net worth they would currently achieve if they sold their holdings, they’d be “fortunate.”
Joe007 has a history of criticizing bullish bitcoin price estimations when top crypto was trading at approximately $9,000. However, over the past few months, it reached a $61,000 all-time high.
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