- Jim Cramer, an analyst and host of a show on CNBC, issued Dogecoin investors a warning.
- Cramer believes that the Shiba-Inu-themed cryptocurrency, Dogecoin, is a security that will be regulated soon.
- Analysts are bullish on Dogecoin price and believe that the memecoin could support $0.16 and start an uptrend.
The host of Mad Money, a CNBC show, issued a warning to Dogecoin holders. Cramer believes that Dogecoin is a security and it will be regulated soon. Analysts believe that the Dogecoin price could start an uptrend.
Dogecoin could be regulated as security soon
Jim Cramer, the host of the CNBC show Mad Money, has suggested that the purpose of Dogecoin is to make money for cryptocurrency exchanges. Cramer believes that Dogecoin is a security and it will be regulated soon.
Cramer is a known critic of cryptocurrencies, confessing that they are “gambling on crowd psychology.”
The Mad Money host urged investors and traders to be cautious when trading the Shiba-Inu-themed cryptocurrency. Cramer tweeted about Dogecoin:
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
Billy Markus, the co-founder of the Shiba-Inu-themed cryptocurrency Dogecoin, responded to Cramer’s thoughts on the memecoin.
bro, please learn how blockchain works. it’s already well known how many there are and how many are created everyday. it is in the public code on the public blockchain, easily viewable by anyone.
— Shibetoshi Nakamoto (@BillyM2k) January 20, 2022
Markus asked Cramer to learn about Dogecoin and the way the blockchain works. Dogecoin does not qualify the Howey Test, the U.S. Supreme Court case, to determine whether a transaction qualifies as an investment contract. The proof-of-work memecoin is a cryptocurrency similar to Bitcoin.
Markus explains that Dogecoin is not a security; it is a cryptocurrency like Bitcoin. Historically, Cramer has criticized Dogecoin, even at its peak in April 2021.
Analysts have evaluated the Dogecoin price trend and predicted a trend reversal. @RAFAELA_RIGO_, a crypto analyst and trader, believes that Dogecoin price could hold support at $0.16 and bounce back, starting an uptrend.
$DOGE
— ⭐RᗩᖴᗩEᒪᗩ ⭐ (@RAFAELA_RIGO_) January 20, 2022
Holding that support and up we go! pic.twitter.com/tzdnC2i5EL
FXStreet analysts have predicted that the Dogecoin price could drop to $0.09.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?