From a trading perspective, $Circle(CRCL.US) is a typical event-driven, high-volatility stock. Its volatile performance after the IPO is largely due to the evolving market understanding of stablecoin business models. Many short-term investors favor it because it moves in tandem with crypto sentiment; its volatility increases when market risk appetite rises. However, the problem is that it can also experience rapid pullbacks once regulatory news or interest rate expectations change. I personally prefer to treat it as a cyclical trading instrument rather than a purely long-term holding.