Solana Price Increases 1,400% Following Jim Cramer’s Critique
In 2022, CNBC anchor Jim Cramer labeled Solana, Litecoin, and other meme coins as “idiot investments.” During a show on December 9, 2022, he described Dogecoin, Solana, and XRP as “cons,” advising viewers to invest in stocks instead. At that time, Solana traded at $11 with a market capitalization below $5 billion.
Currently, Solana is priced around $168, with a market cap exceeding $82.5 billion, marking a 1,400% increase since Cramer's remarks.
“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 Market Performance and Cramer’s Critique
Cramer’s statements have often sparked controversy, with mixed outcomes. In 2022, he criticized Solana amid its significant market fluctuations.
In 2022, JIM CRAMER CALLED PEOPLE BUYING SOLANA AT $11 AS “STUPID”
And Solana is trading over $170+ now.
Lemme be stupid but am still up than your whole stocks. pic.twitter.com/cQ8986ean9
— Crypto King
.eth.sol (@cryptosanthoshK) October 30, 2024
Following the FTX collapse, Solana's price fell to single digits, leading to criticism from various analysts, including Cramer. Despite his negative outlook, Solana has emerged as one of the top-performing tokens, reflecting a significant recovery.
The Inverse Cramer Effect
Solana's volatility continued over the past two years, with Cramer frequently criticizing it and suggesting that SOL holders should not invest in such tokens. Current prices contradict his assertions.
Due to Cramer's repeated misjudgments, many in the crypto community refer to the “Inverse Cramer Effect,” implying that investments contrary to his recommendations could be more favorable. The Inverse Cramer ETF was created by Tuttle Capital Management to capitalize on this sentiment.
Cramer’s Comments and Their Impact
Despite backlash, Cramer continues to attract attention for his views. In September, responses to his bearish Bitcoin forecast included predictions of an impending market rally for the cryptocurrency. While some find Cramer's opinions frustrating, they serve as reminders for traders to conduct thorough research and analysis before making investment decisions regarding Solana or other cryptocurrencies.
Featured image from CNBC, chart from TradingView