Don't look now, but Yelp (YELP) is about to take out its high. That's right, a social-media company that's regaining lost ground in a truly terrific run, no doubt aided by Yelp's inclusion in Apple's (AAPL) new iPhone 5.

Yelp has been one of the nuttiest of the IPOs, in part because the stock has been totally out of whack with the other players. For example, it got pressed down beyond all belief ahead of a lock-up expiration, and then when not as much stock came in for sale, even though a ton actually did, the darned thing roared, no doubt encouraged by a huge short position.

I have liked Yelp ever since I interviewed the company's CEO, Jeremy Stoppelman, on the day it went public. It was easy to like, because in a world where people are gravitating from desktop to smartphone, few companies have the edge that Yelp does.

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I'm on Yelp pretty constantly, looking for places to go that have good word of mouth. I have also been tempted to place an ad in Yelp for the inn I co-own, if only to snag some of the traffic from people who get off a plane in Newark and want an inn to stay in.

The company is viable, even as it is very expensive both on earnings and on market cap.

That said, if I were Yahoo (YHOO), desperate for a social strategy, it would be an easy call to bid $2 billion for this one. Instant social dominance in a world where there are very few smartphone plays of any real value.

Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust and is long AAPL.

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