Jim Cramer Says CoreWeave Winners Likely Turned Circle into a Meme Stock

Circle Internet Group (NYSE:CRCL) is one of the stocks on Jim Cramer’s radar. Cramer discussed the company’s price movement after its IPO during the episode, as he said:

“Next up, the larger deal was Circle Internet Group. The IPO market was starting to heat up… by the time Circle came public in early June. But even though Circle upsized its deal significantly and raised its offer price range and then still priced well above the high end of the range, it wasn’t ambitious enough. Deal priced at 31, but the stock opened for trading at 69. Within three weeks, it was nearly at 300. It’s since cooled off around, they’ve come down to 165, but that’s still probably way too high. I think winners from CoreWeave rolled their take into Circle and turned it into a meme stock.”

Circle Internet (NYSE:CRCL) operates a platform for stablecoin and blockchain applications, as it provides U.S. dollar-denominated stablecoins and related financial infrastructure.

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Disclosure: None. This article is originally published at Insider Monkey.