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Remember Jim Cramer’s viral statement about Solana and other meme coins? In 2022, CNBC anchor Jim Cramer called Solana, Litecoin and other meme coins “idiotic investments.”
On CNBC on December 9, 2022, he added that Dogecoin, Solana and XRP are “flaws” and urged people to invest in stocks of the same size. At this time, Solana is trading at $11 and has a market capitalization of less than $5 billion.
Today, Solana is trading at $168 and has a market cap of over $82.5 billion. In brief, Solana’s market price increased by 1,400%, proving Cramer wrong.
“I really think you’re an idiot.”
Jim Cramer talks to cryptocurrency investors.
Bitcoin price: $16,650
Solana Price: $4.32 pic.twitter.com/X8V7rXYBlP— Altcoin Daily (@AltcoinDailyio) October 8, 2024
Solana’s Wild Market and Cramer’s Criticism
Jim Cramer is a popular and often polarizing CNBC host. Although many of his statements and arguments were met with violent reactions, some of his comments and predictions came true.
For example, in 2022, Cramer hit several tokens, including Solana. Over the past two years, Solana has had a wild market ride with extreme volatility.
IN 2022 JIM CRAMER NAMED PEOPLE WHO BUY $11 SALT AS ‘FOOLS’
And Solana is now over $170.
Brother @jimcramer is that you?
Let me be stupid, but I’m still higher than all your shares. 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 commentators, including Cramer. Kotwica downplayed SOL holders as “idiots” when the token was trading at $11.
Today, Solana is one of the best-performing tokens, trading at $168, reflecting a 1,400% boost since the comments were aired. This led many observers in the crypto community to popularize the “Reverse Cramer” effect.
Cryptocurrency holders are now popularizing the inverse Cramer effect
Like most tokens, Solana has experienced extreme volatility over the past two years. Jim Cramer has been one of the token’s most vocal critics, saying that SOL holders “are idiots” and that they are fraudulent projects.
In the same TV program, he added that SOL holders should not own or buy these tokens at all. However, current SOL prices paint a different picture.
Many other situations demonstrated Cramer’s erroneous or destitute judgment. Because there were several bad calls from Cramer, many in the crypto industry coined the term “reverse Cramer effect”.
In brief, many observers suggest that the best trade should be the opposite of what Cramer says. Today you can even find the Inverse Cramer ETF that Tuttle Capital Management has institutionalized.
The aftermath of Cramer’s “Idiot” comment.
Today, CNBC’s Cramer continues to attract media attention. In September, several Twitter/X users and analysts reacted to Cramer’s bearish prediction for Bitcoin, saying that the market for the most popular cryptocurrency would be next to rise.
While Cramer’s approach is sometimes ridiculous and even frustrating, his observations can also aid the crypto community move forward. These conflicting opinions and comments remind holders and traders to be careful with narratives and “praise” statements. Practicing due diligence is always better when trading SOL or other tokens.
Featured image from CNBC, chart from TradingView
