Thinking through the CRCL buyers after speaking to a few people, it seems the second and third legs were mostly dumb money. The thesis echoed GME: something shiny to ape into after getting wrecked on alts and months of stablecoin headlines. Fundamentals? P/E multiples? Thrown out entirely.

Classic left curve.

Right curve would’ve been seeing how far retail degeneracy could go and front-running the full-port frenzy.

Midcurvers were stuck debating P/E multiples, saying it’s worse than Tether (which you can’t even buy and isn’t US-endorsed), arguing Coinbase comps, trying to force logic onto something that was never about logic.