Solana Rises 1,400% Despite Jim Cramer’s ‘Idiot’ Criticism
03 Novembre 2024 - 7:00AM
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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.” Related
Reading: Will Bitcoin Hit $176K? Anthony Scaramucci Lays Out His
High-Stakes Forecast 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. Related Reading: Bitcoin Breaks $73,000, Yet
Google Searches Stay Stagnant—Is Hype Fading? 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
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