While SEC Chair Gary Gensler‘s interview with Jim Cramer on CNBC was mostly focused on the spot Ethereum ETFs, a fleeting mention of Cramer Coin (CRAMER) spiked the price of a Cramer-themed meme coin.
What Happened: During the interview, Jim Cramer mentioned that some people in the room have memes for no reason. To Gensler’s question whether there is a Cramer Coin and ironic remark that it is hopefully “properly registered,” Jim Cramer said, ” Yes, there is. I wasn’t going to bring it up because now it’s a pump and dump.”
Following the shoutout, CRAMER surged from a valuation of $700,000 to a peak of $4.5 million, a 650% increase in about 24 hours. In highly volatile trading, the meme coin has since retraced to a market cap of $1.8 million per DexScreener data.
Why It Matters: The involvement of celebrities in the crypto space can draw mainstream attention and potentially onboard new users. But many traders also believe it increases the amount of pump-and-dump schemes.
Celebrity attention could theoretically aid adoption but also facilitates exploitative behavior.
The mention of CRAMER on live television by influential commentators highlights the power of shoutouts to move the prices of meme coins.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Spot Ethereum ETF Trading Launch Could Be Delayed, Says SEC Chair Gary Gensler
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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