One of the most trusted voices in the Dogecoin community is sounding the alarm again. This time, it’s a message aimed at newcomers who might not realize how easy it is to lose everything in their crypto wallets.
Mishaboar, a longtime Dogecoin supporter and educator, posted a simple but serious reminder about how cold crypto wallets and seed phrases function.
Your Coins Are Not In Your Wallet
Mishaboar’s post cuts straight to the point. Too many people, especially newer holders, still believe that their coins live inside their wallets, whether it’s a hardware device or an app. But the truth is that the coins are always on the blockchain. What the wallet holds is access, and that access comes from the seed phrase. If users lose that phrase or their wallets are reset without saving it, there’s no magic button to get the cryptocurrencies back.
He explained it this way: if you “reset your device and generate a new seed phrase,” the old one and the wallet it controlled are effectively erased from that device. The coins still exist on the blockchain, but unless there’s the original phrase written down somewhere safe, the user is going to be locked out forever.
Mishaboar recommended the known adage of keeping multiple backups of the seed phrase in safe, offline places. It’s important to store these backups offline, not on a digital device or in an email, but somewhere physical. Because once the seed phrase is gone, there’s nothing anyone, not even the wallet provider, can do to help. Interestingly, the whole warning was warranted by a few posts on Reddit about people who lost all their coins when they reset their cold wallet and generated a new seed phrase.
Dogecoin Price Rallies Off Support After Weekend Sell-Off
Dogecoin’s price has been going through its own kind of drama over the past week. Daily prices from June 18 to June 25, Dogecoin traded between $0.145 and $0.170. It hit a weekly low of $0.1513 around June 22 before rebounding and closed June 24 at $0.1657. A swing took place over the weekend that pushed Dogecoin’s price from about $0.157 to $0.143, before snapping back to roughly $0.153 amidst a trading volume over five times the average.
Following that rebound, Dogecoin soared roughly 6.6% on June 24 above a descending trendline and rose from about $0.1508 to an intraday high of $0.1673. At the time of writing, Dogecoin is trading at $0.1667, up by 1.6% in the past 24 hours. However, Dogecoin is still down a few percent over the full week. Data from CoinGecko places the 7-day change at a negative 2.9%.
Featured image from Pixabay, chart from Tradingview.com
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