Crypto: Are XRP, Solana and Dogecoin scams?

It seems like CNBC host Jim Cramer doesn’t hold crypto close to his heart. Last December 6, he urged all investors to sell their crypto holdings. More recently, the host called some cryptos scams.

No real use for some cryptocurrencies, says Jim Cramer

CNBC recently interviewed Kevin O’Leary about his alleged ties to bankrupt exchange FTX. Shortly thereafter, on December 8, CNBC’s Jim Cramer described XRP, SOL and DOGE tokens as “giant scams“. CNBC host believes that XRP, Solana and Dogecoin cryptos have no could not demonstrate their worth apart from speculation.

Cramer added:Why not just set it up as a bunch of stocks that are valued at the same size? So tired of these scams“. At the same time, the famous host pointed out that cryptos and blockchain technology (of which he is a big proponent) are two different concepts.

Jim Cramer’s statement

Cramer said:Remember that thedownside, it’s not blockchain. Blockchain is great, but we continue to compare it withscam, and I don’t know how long this can continue“.

Jim Cramer also spoke about the collapse of the FTX crypto exchange. According to him, “the blockchain had nothing to do with what happened“. The host added that the FTX case seems bottomless and he can’t figure it out.

The crypto community is outraged by Cramer’s remarks

Many Twitter users expressed their displeasure with Jim Cramer’s remarks. Among those who reacted, we note John Deaton, pro XRP lawyer and founder of CryptoLaw. According to Deaton, Cramer confuses XRP with the FTX fraud.

The lawyer reminded the host that several US government agencies, including DOJ and CFTC, have described XRP as a crypto. He pointed out that Ripple’s token is a crypto like bitcoin (BTC) and ether (ETH).

Similarly, Michi Lumin, the developer of Dogecoin Core, defended DOGE against Cramer’s comments. He explained that Dogecoin developers own “much less than other crypto devs“.

For some in the crypto community, Jim Cramer’s negative comments on XRP, Solana, and Dogecoin represent a bullish signal. It only remains to hope that this is really the case.

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