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- Jim Cramer warns the investors to stay away from investing in altcoins.
- He mentions meme coins such as Dogecoin (DOGE), and Shiba Inu (SHIB).
Jim Cramer, the host of Mad Money on CNBC, advised the investors to steer clear from any further investment in the meme assets and altcoins. His advice is based on the recent price hike by the Federal Reserve.
Jim Cramer’s Urge at Mad Money
In the latest segment of Mad Money, Cramer said that the investors must avoid their investments in DOGE or SHIB. He also warns against the Ethereum (ETH) scaling solutions such as Polygon (MATIC), Optimism (OP), and smart contract based blockchains like Polkadot (DOT), Avalanche (AVAX), or Cosmos (ATOM).
Additionally, he warned against special-purpose acquisition companies (SPACs), Initial Public Offerings (IPOs), and a category of other digital assets.
He said to the investors that, “I need you to stay away from the sold out SPACs, the ridiculous IPOs, and get ready, Dogecoin, Polkadot, Dai, Polygon, Shiba [Inu], Avalanche, Uniswap, Cosmos, Golem, Old Golem, Optimism, Kyber, Tribe, Request, Rari, My Neighbor Alice, League of Kingdoms. There’s no point in any of this stuff beyond separating you from your money.”
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He added that the crypto assets have failed to the expectations, which once again changed his thought-process over the crypto investments. He was crypto skeptic until 2020, but then in September 2020 he again changed his thoughts. He said that the asset class was worthy of being considered for inclusion in an investment portfolio.
Cramer discussed that “I think it is time we started questioning the fundamentals of crypto. When all things crypto took off with great fanfare, like the dotcom bombs, we were told that they were stores of value, that they meant something, that they would be around for a long time. I’m at least big enough to admit that I was wrong about crypto. I wish the promoters would do the same. Just because you make money in it, which I was fortunate enough to do, does not necessarily mean that it’s for real.”
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
