CNBC host Jim Cramer is advising holders of Dogecoin (DOGE) to book profits and recycle into “other things.”
What Happened: In a discussion about the stock markets with TheStreet’s Katherine Ross on Wednesday, Cramer spoke about the meme cryptocurrency.
The “Mad Money” host noted that Dogecoin holders should be taking profits and investing into other things, but they don’t do it.
Cramer noted that things could end “badly” for Dogecoin holders, saying that at one point there will be no buyers whatsoever and “that means there is going to be a moment when there’ll be nothing but sellers. So, it’s good to scale out if you own some Dogecoin.”
See Also: How to Buy Dogecoin (DOGE)
Why It Matters: Edward Moya, senior market analyst at Oanda, said on Tuesday that the Dogecoin bubble should have popped by now but for the institutional interest that is trying to capitalize on the frenzy surrounding the cryptocurrency.
Dogecoin has shot to prominence this year, partly due to celebrity endorsements from the likes of of Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk, Dallas Mavericks owner Mark Cuban and rapper Snoop Dogg.
The joke cryptocurrency’s year-to-date gains stand at an impressive 13,574.59%. Comparatively, apex cryptocurrency Bitcoin’s (BTC) year-to-date gains are a modest 95.06%.
Dogecoin is on a major bull run this week ahead of Musk’s hosting of “Saturday Night Live” on May 8, where the cryptocurrency is expected to feature.
However, the Shiba Inu-themed cryptocurrency has lost 8.2% during the past 24 hours and is trading at $0.6161 at press time.