Dogecoin is a security and will be regulated, says Jim Cramer
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
