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Dogecoin<\/strong> DOGE\/USD<\/span> was bouncing up slightly during Saturday\u2019s 24-hour trading session after plunging over 10% during Friday\u2019s session to close just above the 200-day simple moving average (SMA)<\/a>.<\/p>\n The S&P 500<\/strong> tumbled 1.11% on Friday, for a total loss of over 5% since the market opened on Tuesday, which negatively affected the crypto sector.<\/p>\n On CNBC\u2019s “Squawk Box,” Jim Cramer<\/strong> said<\/a> people should be negative on crypto, but he thinks people are being too negative on stocks.<\/p>\n \u201cI think there\u2019s some real interesting opportunities every single day, including today, and everybody\u2019s just much too negative, I think you should be negative on crypto,\u201d Cramer said.<\/p>\n I’m negative on XRP<\/strong> XRP\/USD<\/span>, Litecoin<\/strong> LTC\/USD<\/span>, and Dogecoin because I’ve yet to find anybody who really takes them,” Cramer said. “It’s like $80 billion worth of non-Bitcoin that’s destined to be wiped out.”<\/p>\n Cramer made similar comments on Dec. 8, referring to Dogecoin as an \u201cain\u2019t con.\u201d<\/a><\/p>\n Despite Cramer\u2019s claims, Dogecoin has utility. The crypto has been used for several fundraising campaigns and can be used to purchase tickets and concessions at AMC\u00a0theaters. Tesla\u00a0has also offered merchandise for sale in DOGE, and Dallas Mavericks fans have been able to purchase tickets to Mavericks games using the cryptocurrency.<\/p>\n Dogecoin also has celebrity backing, notably from Elon Musk<\/strong>, who responded<\/a> to Sir Doge of the Coin<\/strong> on Twitter<\/strong> Friday to say he\u2019d be willing to join the Dogecoin community on Twitter\u00a0Spaces to answer some questions closer to Christmas. Dogecoin enthusiasts are hoping Musk will eventually allow Dogecoin to be used as payment on his newly acquired social media platform.<\/p>\n Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial<\/a>.<\/em><\/p>\n The Dogecoin Chart:<\/strong> When Dogecoin fell on Friday, the crypto tagged the 200-day SMA and bounced slightly up from the level. The 200-day SMA acts as both heavy support and resistance, making it unlikely that a stock or crypto will slide through the area on the first attempt.<\/p>\n
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