Circle Internet (CRCL) Gives up Sharp Gains as Traders Take Profits

We recently published Bloodbath on the Street: These 10 Stocks Crashed Hard. Circle Internet Group (NYSE:CRCL) is one of the worst-performing stocks on Wednesday.

Circle Internet extended its losses to a second day on Wednesday, shedding 10.79 percent to close at $198.62 apiece as investors appeared to have taken profits following its sharp rally since market debut.

Since its first day as a publicly listed company, Circle Internet Group (NYSE:CRCL) has already soared by more than 864 percent, having hit its highest price of $298.99 earlier this week.

The surge followed a series of catalysts that sparked investor appetite, including the Senate’s green light of the Stablecoins bill, its partnership with technology giants, as well as its first “buy” recommendation.

On Friday, Circle Internet Group (NYSE:CRCL) earned its first “buy” recommendation from Seaport Global following the Senate’s passage of a legislation that would allow the wider usage of Stablecoin.

Earlier last week, Circle Internet Group (NYSE:CRCL) announced that its USDC Stablecoin is being adopted by retail giants Amazon and Walmart, as well as e-commerce operator Shopify, which began rolling out its feature enabling merchants to accept the digital currency for payments and order fulfillment flows.

Circle Internet (CRCL) Gives up Sharp Gains as Traders Take Profits

A row of traders in a trading room monitoring stock market prices with a large digital screen in the background.

Circle Internet Group (NYSE:CRCL) also said that it partnered with blockchain firm Ripple to bring USDC Stablecoin to the latter’s XRP Ledger blockchain, as well as with digital identity company World for the addition of USDC and CCTP V2 (Cross-Chain Transfer Protocol) on World Chain.

While we acknowledge the potential of CRCL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.