CNBC’s Mad Money host, Jim Cramer, says Dogecoin (DOGE) is a security
- Jim Cramer has stated that Dogecoin is a security.
- He urged investors to be careful when investing in the meme coin.
- Dogecoin’s adoption has grown significantly over the past year.
Dogecoin investors have received a warning from Jim Cramer, CNBC’s Mad Money host. According to Cramer, Dogecoin (DOGE/USD) was a form of security that regulators would closely monitor in the future.
Cramer’s warning comes as the US Securities and Exchange Commission is facing the issue of which cryptocurrencies are tokens and which ones are securities.
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Cramer warns against Dogecoin
The CNBC host does not have a firm stance regarding the crypto sector. In 2021, he noted that he had Bitcoin and Ethereum holdings. He also added that he would receive his salary in Bitcoin.
However, after the crypto market crashed in May last year, Cramer sold all his Bitcoin holdings, and Ethereum accounted for the largest portion of its portfolio. He further stated that he would sell ETH once the prices appreciated, as he was not a fan of the largest altcoin.
Cramer has now expressed his dislike for the largest meme coin, Dogecoin. Cramer warned investors to be cautious when investing in DOGE because it was more of a security than a cryptocurrency. He forecasted a DOGE crackdown by US regulatory bodies.
Cramer has welcomed crypto regulations in the past, noting that without them, “crypto will collapse.”
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.
Dogecoin’s adoption is growing
Despite Cramer’s statements, the growth of Dogecoin in terms of adoption has been notable over the past year. The largest meme coin is the favourite cryptocurrency of Tesla’s CEO, Elon Musk. Musk has pushed for the adoption of this coin over the past year, and recently, he announced that the coin would be used to buy DOGE merchandise.
Additionally, DOGE is also endorsed by billionaire investor Mark Cuban. Cuban is also the owner of Dallas Mavericks, an NBA team whose merchandise and tickets can be bought with Dogecoin.
In the movie sector, DGE was also accepted for purchasing online movie tickets for AMC Entertainment, a leading movie theatre chain.