CNBC host Jim Cramer is advising investors to avoid meme assets and altcoins after the Federal Reserve announced further interest rate hikes.
In a new Mad Money segment, Cramer says that investors should steer clear from meme tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB).
He also cautions against Ethereum (ETH) scaling solutions such as Polygon (MATIC) and Optimism (OP), and smart contract blockchains like Polkadot (DOT), Avalanche (AVAX) and Cosmos (ATOM).
Furthermore, Cramer warns against special-purpose acquisition companies (SPACs), Initial Public Offerings (IPOs) and a slew of other digital assets.
“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.”
According to the CNBC host, crypto assets have failed to live up to expectations, which has appeared to cause him to flip his stance on digital assets once again.
Until 2020, Cramer was a crypto skeptic but he changed tune in September of that year and went on to say that the asset class was worthy of being considered for inclusion in an investment portfolio.
“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.”
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