Mad Money host Jim Cramer warned investors to stay away from altcoins Shiba Inu SHIB/USD and Dogecoins DOGE/USD and a host of other cryptocurrencies that have not lived up to expectations.
What happened: in one last section from Mad Money on CNBC, Cramer said it’s time to question the fundamentals of cryptocurrency.
“All crypto things, like the dot-com bombs, started with great fanfare, we were told they were stores of value, that they meant something, that they were going to 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 business.
“I’m at least tall enough to admit I was wrong about crypto this time. I wish the real promoters would do the same. Just because it makes money, which I was fortunate to have, doesn’t mean it’s real.”
Cramer urged investors to steer clear of coins like SHIB, DOGE, Speckle POINT/USD, avalanche AVAX/USD, Uniswap UNI/USD, cosmos ATOM/USD and other “really solid investments” associated with the term blockchain.
“There’s no point in all this stuff other than parting with your money,” he said.
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Price promotion: At press time, DOGE was trading at $0.063, up 1.98% over the past 24 hours. SHIB traded at $0.00001295, up 6.3% over the same period.
Photo: Courtesy of Scott Beales on flickr
