Cramer Warns Against Dogecoin

CNBC host Jim Cramer has issued a stern warning to Dogecoin investors, making light of his opinion on the mem token that’s been the inspiration for dozens of knockoffs. Cramer believes that Dogecoin is a security and, therefore, will be heavily regulated. He took to Twitter ($TWTR@US) to explain his position, saying, “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.” Billy Markus, co-creator of Dogecoin, took to Twitter with an interesting response, saying this was the “biggest bull sign ever,” explaining, “in terms of “security,” it is a proof of work cryptocurrency so you have to put in the work to retrieve the coins from the block. It doesn’t qualify under the Howey test. It works the same as Bitcoin. In fact, it’s 99.5% the same code as Bitcoin. Please educate yourself.” At press time, Dogecoin was down nearly 7%, sitting at 15.36 cents, well off its 24-hour high on nearly a 170% increase in volume but a shrinking market cap.