Jim Cramer has big caveat for Dogecoin (DOGE) buyers… Jim Cramer claims that Dogecoin is an unregistered security. Details of the topic cryptocoin.com‘in.
Shock alert for Dogecoin
Popular stockbroker Jim Cramer issued a stern warning about Dogecoin in his latest tweet, claiming that the biggest meme coin is an unregistered security. Cramer seems to suggest that the sole purpose of meme coins is to make money for cryptocurrency exchanges. The entrepreneur urged his followers to be careful when dealing with Dogecoin. In response, Dogecoin co-founder Billy Markus advised Cramer to learn more about blockchain, claiming that Dogecoin is not covered by the Howey Test as it is a proof-of-work cryptocurrency similar to Bitcoin.
This isn’t the first time the “Mad Money” host has been teasing Dogecoin in a long time. According to the information received, Cramer underestimated the cryptocurrency even during the peak of the meme coin in late April. In October, he said it’s fine to speculate about cryptocurrencies as long as buyers realize the risks associated with them: “As long as you accept the very real possibility that the whole investment situation for crypto is based on the bigger idiot theory, I’m allowed to speculate on it.” Cramer admitted that he bought Bitcoin and Ethereum because he was “gambling on crowd psychology.”
Dogecoin became the subject of the market in 2021, partly due to its massive rally driven by the incessant tweets of Tesla CEO Elon Musk. The bubble finally burst in early May after Musk’s widely-watched debut of “Saturday Night Live”. Despite falling 80% from its record high, the meme coin remains afloat due to Musk’s continued support and a vibrant community. Earlier this January, some of Tesla’s products became available for purchase with Doge.
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