CRCL's performance is really a roller coaster—rising from an issuance of $64 to a peak of $300, then dropping back to the original $64.9.

The most surreal part is that in Q3, net profit was $214 million, and USDC's scale doubled, increasing by 108%, with performance exploding. But the stock price? Still falling.

Is this due to early overvaluation, or has the market failed to understand the true value of the stablecoin sector? It's quite interesting, feeling like emotions and fundamentals are at odds.