This article is also available in Spanish.
Remember Jim Cramer’s viral statement over Solana and other meme coins? In 2022, CNBC anchor Jim Cramer called Solana, Litecoin, and other meme coins “idiot investments.”
Related Reading
On the CNBC show of December 9, 2022, he added that Dogecoin, Solana, and XRP are “cons” and emphasized that people should put their money in the same size stock. At this time, Solana is trading at $11, with a market capitalization of less than $5 billion.
Today, Solana is trading at a level of $168, with a market capitalization of more than $82.5 billion. In short, Solana’s market price is up 1,400%, proving Cramer wrong.
“I think you’re an idiot.”
Jim Cramer speaking to crypto investors.
Bitcoin price: $16,650
Solana price: $4.32 pic.twitter.com/X8V7rXYBlP– Altcoin Daily (@AltcoinDailyio) October 8, 2024
Solana’s Wild Market Ride and Cramer’s Critique
Jim Cramer is a popular and often divisive host on CNBC. Although many of his statements and arguments have been met with violent reactions, some of his speeches and predictions have come true.
For example, in 2022, Cramer hit several tokens, including Solana. Solana has had a wild market ride in the past two years, characterized by high volatility.
In 2022, JIM CRAMER CALLED PEOPLE WHO BUY SOLANA FOR 11$ A “RUSTY”.
And Solana is trading above 170$+ now.
Bro @jimcramer is that you
Lemme be stupid but I still rise above all your stock. pic.twitter.com/cQ8986ean9
– Crypto King👑💎.eth.sol (@cryptosanthoshK) October 30, 2024
After the FTX fiasco, Solana hit single digits, sparking backlash and criticism from analysts and analysts, including Cramer. Anchor disparaged SOL holders as “stupid” when the token was trading at $11.
Today, Solana is one of the most efficient tokens, trading at $168, which shows an increase of 1,400% since the comment was circulated. This has led many observers in the crypto community to exaggerate the “Inverse Cramer” effect.
Crypto Managers Are Now Famous For The Inverse Cramer Effect
Like many tokens, Solana experienced a lot of volatility in the last two years. Jim Cramer was one of the most vocal opponents of the token, saying that SOL holders are “stupid” and that these are con projects.
In the same TV show, he added that SOL holders should not own and buy these tokens in the first place. However, the current price of SOL paints a different picture.
Most of the other cases showed Cramer’s misunderstanding or poor judgment. Since there have been several bad calls from Cramer, many in the crypto industry have coined the term “Inverse Cramer Effect.”
In short, many observers suggest that the best trade should be the opposite of what Cramer says. Today, you can even find the Inverse Cramer ETF, which was founded by Tuttle Capital Management.
Related Reading
Result of Cramer’s “Idiot” Comment.
Today, CNBC’s Cramer continues to pay attention to the media. In September, several Twitter/X users and analysts reacted to Cramer’s bearish view of Bitcoin, saying that a top crypto market rally was on the way.
Although Cramer’s take is laughable or frustrating at times, his comments can also help the crypto community move forward. These conflicting opinions and comments remind owners and sellers to be aware of the narrative and the “release of praise.” Practicing due diligence is always best when trading SOL or other tokens.
Featured image from CNBC, chart from TradingView