Remember the viral statement of Jim Cramer over Solana and other meme coins? In 2022, CNBC anchor 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: $4.32
— Altcoin Daily (@AltcoinDailyio)
Solana’s Wild Market Ride And Cramer’s Critique
Jim Cramer is a popular and often polarizing host on CNBC. While many of his statements and arguments have been met with violent reactions, some of his comments and predictions came true.
For example, in 2022, Cramer hit a few tokens, including Solana. Solana had a wild market ride in the last two years, defined by extreme volatility.
In 2022, JIM CRAMER CALLED PEOPLE BUYING SOLANA AT 11$ AS “STUPID”
And Solana is trading over 170$+ now.
Bro is that you ser?
Lemme be stupid but am still up than your whole stocks.
— Crypto King👑💎.eth.sol (@cryptosanthoshK)
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.
Source:
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.
Solana is currently trading at $162. Chart:
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.
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.
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Read more
Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
