Jim Cramer, a well-known figure in finance, enjoys both praise and criticism for his dynamic presence.
As the vibrant host of CNBC’s “Mad Money,” Cramer’s energetic market analyses and spirited recommendations have made him a household name among investors. Despite his success in predicting market trends, Cramer’s frequent misjudgments have given rise to the ‘Inverse Cramer’ strategy—taking a contrary stance to his stock picks.
On Tuesday, December 5, Not Jim Cramer, a popular X account tracking his controversial predictions, highlighted multiple prognostications regarding Coinbase’s stock (NASDAQ: COIN), none of which played out as he anticipated.
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Cramer’s COIN stock predictions
Jim Cramer’s track record of inaccurate stock predictions is well-documented, extending beyond Bitcoin (BTC), Nvidia (NASDAQ: NVDA), and Amazon (NASDAQ: AMZN). Therefore, him making a wrong call is no surprise.
What makes the current situation particularly intriguing is that in his recent judgments regarding Coinbase’s stock, Cramer erred in both directions.
Notably, he projected a rise but the stock fell and anticipated its decline but it then surged.
As can be seen from the below chart, Cramer said in 2021 during COIN’s bull run, “We like Coinbase to $475,” implying a surge to a new all-time high.
However, the stock didn’t even come close to that price target but rather embarked on a sharp downward trajectory in the following coming months.
Similarly, in late 2022, an extremely challenging year for the crypto world, Cramer said he would not buy Coinbase because it was “too early.” At the time, the stock was trading at around the $40 mark.
Just several weeks later, at the beginning of February, the cryptocurrency exchange’s stock price nearly doubled to over $80.
That’s not all, though. In June 2023, Cramer tweeted:
“I’ve had it with COinbase and don’t get me started on Binance.” This was the period when COIN’s share price was roughly $55 apiece. Again, in roughly a month, the stock doubled to more than $110.
Today, on December 5, shares of Coinbase are sitting at $141.09, up about 320% since the start of the year, outshining the best S&P 500 performers like NVDA and Meta Platforms (NASDAQ: META).
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