A senior hedge fund manager and longtime host on CNBC’s “Mad Money” Jim Cramerwarned of the risks of Dogecoin today. The server, who named Dogecoin (DOGE) a security today, almost nine months after its price and popularity peaked, shared his views on the matter.
Earlier today, Jim Cramer tweeted with his followers, voicing his concerns about Billionaire Elon Musk’s favorite cryptocurrency. The data used to arrive at this conclusion was sourced from Cramer’s co-founder website “The Street”.
please be careful with Dogecoin…It is a security. It will be regulated. We will find out how many there are and how many are being created each day to make money for the exchanges.
— Jim Cramer (@jimcramer) January 20, 2022
Web3 users claim that traditional media do not understand Bitcoin, while Jim Cramer can be an example. In the tweet shared by the server, Dogecoin (DOGE) He cited that his network tends to produce a significant amount of new DOGE every day (14.4 million DOGE to be precise). The Bitcoin network, on the other hand, generates about 900 new BTC every day.
According to Preston Byrne, a partner at Anderson Kill specializing in decentralized protocols, Cramer is equally wrong in his claim that Dogecoin is a ‘security concern’.
“In my professional view, parts of Howey are not welcome due to the anarchic, playful beginnings of Dogecoin and the absolute absence of a central coordinating organization,” he said.
In other words, meme coin DOGE It is not a security concern and will not be regulated by the Securities and Exchange Commission. However; Markus, Palmer, or one of the part-time Dogecoin core programmers running the project may have fooled us. Maybe they were pulling the strings the entire time.
Dogecoin was created primarily as a joke, not as a business venture. The venture’s founders, Marcus and Jackson Palmer, have officially abandoned the project. Elon Musk, on the other hand, used his power on Twitter to highlight DOGE.