The discussion about #stablecoins is like a tide.
#Circle ($CRCL), as the "first global stablecoin stock," carries overly high expectations.
But the fact is, Circle's $USDC market share is only 25%, far behind USDT.
There is no "absolute monopoly," and the lack of "super high growth" makes it difficult to match the premium that high-valued tech stocks should have.
On the first day of Circle's listing, I said—prices above $100 are too inflated.
I just didn't expect that traditional finance's hunger for "new concepts" would be so strong, peaking at $298.
Currently, Circle's stock price has dropped from its high to $170, a correction of over 40%.
Even with a drop of more than 40% from its peak, Circle is still overvalued; let's talk when it falls below $100.
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