Mad Money host Jim Cramer warned investors to stay away from altcoins like Shiba Inu SHIB/USD and Dogecoin DOGE/USD and a host of other cryptocurrencies that did not live up to expectations.
What Happened: In a recent segment of CNBC’s Mad Money, Cramer said that it was time to question the fundamentals of cryptocurrency.
“All things crypto took off with great fanfare, like the dot com bombs, we were told that they were stores of value, that they meant something, that they would be around for a long time,” he said.
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The Mad Money host said he believed it, until 300 of them went out of businesses.
“I’m at least big enough to admit that this time I was wrong about crypto. I wish the real promoters would do the same. Just because you make money in it, which I was fortunate enough to do, doesn’t necessarily mean that it’s for real.”
Cramer urged investors to stay away from coins like SHIB, DOGE, Polkadot DOT/USD, Avalanche AVAX/USD, Uniswap UNI/USD, Cosmos ATOM/USD and other “really solid investments” that are associated with the term blockchain.
“There’s no point in any of this stuff beyond separating you from your money,” he said.
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Price Action: At press time, DOGE was trading at $0.063, up 1.98% over the last 24 hours. SHIB was trading at $0.00001295, up 6.3% over the same period.
Photo: Courtesy of Scott Beale on flickr