Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Solana Rises 1,400% Despite Jim Cramer’s ‘Idiot’ Criticism

Source Newsbtc

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 Aftermath

Today, 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

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

Sep 22, Tue

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

Sep 23, Wed

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

US input costs rose at the fastest pace in four years — the September flash PMI beat is an inflation story, not a growth story US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Author Suzie

Sep 24, Thu

US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Gold Price Forecast: Gold Drops Below $4,300, Will It Continue to Fall? As of the European session on September 24, gold prices (XAUUSD) extended their correction, dipping below $4,300 intraday to hit a low of $4,262.45. After previously rebounding close to $

Author TradingKey

Sep 24, Thu

As of the European session on September 24, gold prices (XAUUSD) extended their correction, dipping below $4,300 intraday to hit a low of $4,262.45. After previously rebounding close to $

Popular Symbols