Key Takeaways
- Algod says that they have doubled the size of a trading account that solely bets against Jim Cramer’s calls.
- Jim Cramer has become the subject of mockery in the crypto space for his bad calls on where the market could move.
- Algod also bet Do Kwon $1 million that LUNA would crash within a year a few weeks before it crashed to zero.
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Algod famously bet Terraform Labs CEO Do Kwon $1 million that LUNA would fail to hold its trading price on a 12-month timeframe a few weeks before it collapsed.
Algod Betting Against Another Crypto Villain
Algod, the crypto trader who became known for betting $1 million on Terra’s downfall weeks before its collapse, is making “size” from countertrading Jim Cramer.
Officially doubled the inverse @jimcramer account, for those who are not aware i started the account with 50k
honestly mind blowing how wrong one man can be pic.twitter.com/mH3DhEdJFs
— Algod🫐 (@AlgodTrading) August 22, 2022
Algod posted an update on their “inverse Jim Cramer” account on Twitter Monday, announcing that they had doubled their profits since the account launched. Algod claims that they startedthe account with $50,000; its net value now shows as $101,440.71 in their post. “Some people work a 9-5 job, i simply just countertrade Jim Cramer… it’s not much but honest work,” Algod wrote.
In the crypto space, “countertrading” refers to a practice in which traders bet against another market participant’s calls, often because they believe that the participant is likely to make a wrong call. It’s the opposite of “copy trading,” where people follow respected traders with a proven track record on their bets in hopes of riding their coattails to profits. Many crypto enthusiasts have previously discussed countertrading Cramer as he has become a running joke in the space thanks to a number of questionable calls in the past. There’s also an Inverse Cramer ETF Twitter account that likely inspired Algod, where over 84,000 followers track Cramer’s calls to ascertain what to bet against next.
Though Cramer is better known in the mainstream world for his calls on stocks, he’s also made several crypto blunders in recent months. For instance, he described Ethereum as “terrific” and suggested that investors could “easily” bank 35 to 40% returns on ETH in April when it traded at around $3,000. It plummeted more than 70% weeks later. Shortly afterwards, Cramer all but declared crypto as dead, saying it had “no real value.” His comments roughly marked a local bottom from which ETH and other assets rallied over 100% in a matter of weeks.
“Your Size Is Not Size”
Cramer has weighed in on crypto once again as prices have risen in recent weeks, prompting Algod to launch his countertrading account. Algod’s latest trade shows them securing $25,162.11 in profits from shorting ETH after Cramer suggested that he had renewed confidence in the asset.
Your size is not size
— Algod🫐 (@AlgodTrading) May 11, 2022
Algod, one of Crypto Twitter’s biggest whales, has become known for their relatively unconventional trading style this year. Perhaps their most legendary move was betting $1 million against Terraform Labs CEO Do Kwon that LUNA would fail to hold above its current price ($88 at the time) over a one-year timeframe in March. Kwon memorably told Algod “your size is not size” around the time of the bet, taking an apparent dig at Algod’s portfolio size. LUNA crashed to zero a few weeks later, prompting Algod to echo Kwon’s insult back at him. Now that the “inverse Jim Cramer” account has got off to a successful start, it seems that Algod’s strategy of trading against crypto’s biggest villains is still paying off.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
