The discussions about #stablecoins are like a tide.

#Circle ($CRCL) as the "first global stablecoin stock" carries too high expectations.

But the fact is, Circle's $USDC market share is only 25%, far behind USDT.

Without "absolute monopoly" and lacking "super high growth", it is difficult to match the premium that high-valuation tech stocks should have.

On the first day of Circle's listing, I said - a price above 100 dollars is too inflated.

I just didn't expect that traditional finance's hunger for "new concepts" was so strong, peaking at 298 dollars.

Currently, Circle's stock price has dropped from its peak to 170 dollars, with a correction of more than 40%.

Even after a decline of over 40% from the high, Circle is still overvalued; let's talk when it drops below 100 dollars.