CNBC host: Currently, Circle's stock price is "overheated", and it is not recommended to buy it temporarily

Renowned CNBC host Jim Cramer stated on Monday that he does not recommend investors to buy shares of stablecoin issuer Circle Internet at this time. Circle Internet's debut performance last week was impressive, with its stock price soaring 168% from the opening price of $31 to $69. Cramer believes that although Circle Internet has considerable strength, its current stock price is "overheated". The company's valuation skyrocketed from $5.5 billion to around $25 billion within a few weeks, and buying at this time is not a wise move. Moreover, Circle is still linked to the volatile cryptocurrency ecosystem, so investors may want to patiently wait for better buying opportunities. Cramer also compared Circle's stablecoin USDC to a chip in the cryptocurrency field, stating that its business is more transparent than Tether and is a "more standardized and less suspicious version of stablecoin" supported by real fiat currency reserves. He also reminded that the current IPO market is "starting to go crazy" and investors need to be cautious.