CNBC host: Circle's stock price is "overheated" at present, and it is not recommended to buy it for the time being
8 hours ago
Odaily News Jim Cramer, a well-known CNBC host, said on Monday that investors are not recommended to buy shares of Circle Internet, the issuer of stablecoins. Circle Internet had a brilliant debut last week, with its stock price soaring 168% from its opening price of $31 to $69. Cramer believes that although Circle Internet is strong, its stock price is "overheated" at the moment. The company's valuation has soared from $5.5 billion to about $25 billion in a few weeks, and it is not a wise move to buy at this time. Moreover, Circle is still linked to the volatile cryptocurrency ecosystem, and investors may wish to wait patiently for better buying opportunities. Cramer also compared Circle's stablecoin USDC to a bargaining chip in the cryptocurrency field, saying that its business is more transparent than Tether and is a "more standardized and less suspicious version of stablecoins" supported by real legal currency reserves. He also reminded that the current IPO market "is starting to go crazy" and investors need to be cautious.
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