$Circle Internet Group, Inc.(CRCL)$ still looks strong to me, but after a move like this the question stops being “is the story real?” and starts becoming “how much of the good news is already priced in?”

The bull case is easy to see:

stablecoin adoption keeps growing, Circle is becoming more central to that ecosystem, and strong execution can keep sentiment elevated.

But after a sharp run, I think the easy money gets harder.

That does not make me bearish.

It just means the next leg probably needs fresh proof, not just momentum.

My base case:

bullish long term, but I would not be surprised if the stock needs to digest before the next real push higher.

Do people here think CRCL still has another major leg up from here, or is this where expectations start catching up?