"What do you think about the idea that Zuckerberg, the day after this Snap [rating], comes out with basically 'Snap two'?" Cramer said on "Squawk on the Street." "I'm telling you this guy does not like anybody encroaching on his turf."
On Tuesday, Facebook, the world's largest social network with nearly 2 billion users, unveiled three new Snapchat-like features that encourage users to take more pictures.
The Facebook announcement came a day after Snap was hit with a flurry of mostly positive Wall Street ratings, including a buy rating from Goldman Sachs. Shares of the parent company of Snapchat, which popularized the sharing of digitally decorated photos, especially among teenagers, fell 5 percent in morning trading Tuesday after Facebook's announcement.
The new Facebook features include special effects, like "masks, frames, and interactive filters" that users can add to their photos, and a new feature called Facebook Direct will let users share disappearing photos and videos with friends.
"We want to make it fast, fun and easy for people to share creative photos and videos with whomever they choose, for however long they choose — and the more we share with each other, the more open and connected our community can be," said Connor Hayes, Facebook product manager, in a statement.
— CNBC's Matt Rosoff contributed to this report.
Disclosure: Jim Cramer's charitable trust owns shares of Facebook, and CNBC parent NBCUniversal is an investor in Snap.