Solana Rises 1,400% Despite Jim Cramer’s ‘Idiot’ Criticism
Remember the viral statement of Jim Cramer over Solana and other meme coins? In 2022, CNBC anchor Jim Cramer called Solana, Litecoin, and other meme coins “idiot investments.”
In a CNBC show dated December 9th, 2022, he added that Dogecoin, Solana, and XRP are “cons” and insisted that people should put their money on stocks of the same size. During this time, Solana is trading at $11, with a market capitalization below $5 billion.
Today, Solana is trading at the $168 level, with a market cap exceeding $82.5 billion. In short, Solana’s market price has increased by 1,400%, proving Cramer wrong.
“I do think you’re an idiot.”
Jim Cramer speaking to crypto investors.
Bitcoin price: $16,650 Solana Price: $4.32 pic.twitter.com/X8V7rXYBlP
— Altcoin Daily (@AltcoinDailyio) October 8, 2024
Solana’s Wild Market Ride And Cramer’s Critique
Jim Cramer is a popular and often polarizing host on CNBC. While many of his statements and arguments have been met with violent reactions, some of his comments and predictions came true.
For example, in 2022, Cramer hit a few tokens, including Solana. Solana had a wild market ride in the last two years, defined by extreme volatility.
In 2022, JIM CRAMER CALLED PEOPLE BUYING SOLANA AT 11$ AS “STUPID”
And Solana is trading over 170$+ now.
Bro @jimcramer is that you ser?
Lemme be stupid but am still up than your whole stocks. pic.twitter.com/cQ8986ean9
— Crypto King
.eth.sol (@cryptosanthoshK) October 30, 2024
After the FTX fiasco, Solana hit single digits, provoking backlash and criticism from analysts and commentators, including Cramer. The anchor belittled the SOL holders as “idiots” when the token was trading at $11.
Today, Solana is one of the best-performing tokens, which trades at $168, reflecting a 1,400% increase since the comments aired. This prompted many observers in the crypto community to popularize the “Inverse Cramer” effect.
Crypto Holders Now Popularize The Inverse Cramer Effect
Like most tokens, Solana experienced extreme volatility in the last two years. Jim Cramer was one of the most vocal detractors of the token, saying that holders of SOL “are idiots” 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, current pricing for SOL paints a different picture.
Plenty of other situations showcased Cramer’s wrong or poor judgment. Since there were 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 Tuttle Capital Management institutionalized.
Cramer’s “Idiot” Comment’s AftermathToday, CNBC’s Cramer continues to get media attention. In September, several Twitter/X users and analysts reacted to Cramer’s bearish outlook for Bitcoin, saying that a market rally for the top crypto is next.
Although Cramer’s take is laughable or even frustrating at times, his observations can also help the crypto community move forward. These contrarian opinions and comments remind holders and traders to be careful with narratives and “praise releases.” Practicing due diligence is always better when trading SOL or other tokens.
Featured image from CNBC, chart from TradingView
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