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Mad Money host Jim Cramer has warned about Dogecoin (DOGE). He said the meme cryptocurrency is a security and will be regulated. He also questioned the supply of Dogecoin.
Jim Cramer’s Dogecoin Warning
CNBC’s Mad Money host Jim Cramer issued a warning on Thursday about investing in Dogecoin (DOGE). Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
“Use Dogecoin with caution,” he tweeted, adding that the meme cryptocurrency “is a security” and “will be regulated.” Additionally, he wrote: “We will find out how many are and are being created each day to make money for the exchange.”
Cramer’s comments about the popular meme coin also aired on CNBC on Thursday, drawing a lot of attention on Twitter.
Many disagree with Kramer. Some people told the Mad Money host that Dogecoin is not a security, questioning how he came to such a conclusion. Some slammed Cramer for his lack of understanding of the blockchain and DOGE supply.
Dogecoin co-founder Billy Marcus replied to Cramer:
Learn how blockchain works. It is known how much and how much is created every day. It is in public code on a public blockchain and can be easily viewed by anyone.
“In terms of ‘security’, it’s a proof-of-work cryptocurrency, so you have to work hard to get coins back from the block. It doesn’t qualify for the Howey test. It works the same as bitcoin. Facts , its code is 99.5% identical to Bitcoin. Please educate yourself,” stressed Marcus. He further tweeted that Cramer’s warning was “the biggest bull signal in Dogecoin’s history.”
SEC Chairman Gary Gensler is currently focusing on Regulate cryptocurrency exchanges. He believes that many cryptocurrencies listed on exchanges are securities and must be registered.However, the SEC boss has restraint Discuss any specific cryptocurrency, including ether. The SEC is also currently working litigation Working with Ripple Labs and its executives Ripple.
Dogecoin is the 11th largest cryptocurrency by market cap. At the time of writing, DOGE was trading at 16.60 cents, according to Bitcoin.com Markets. Its market capitalization is about $22 billion.
The meme cryptocurrency has many supporters, including Tesla CEO Elon Musk and Shark Tank star Mark Cuban.Musk believes Dogecoin is the best cryptocurrency for trading.
Recently, Tesla start accepting Dogecoin for some commodities. Musk, known in the crypto community as Dogefather, also personally owns the meme cryptocurrency.
What do you think of Jim Cramer’s Dogecoin warning? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
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