Coinbase ($COIN) shares have continued to decline since the company’s latest earnings report, down nearly -25% from the November highs…Underlying consumer Demand has been a completely different story.
Purchase Intent Mentions for North America’s largest cryptocurrency exchange are near an all-time high on a 7-day moving average: +142% QoQ and +376% YoY.
The uptrend seen on the chart above suggests an influx of consumers utilizing Coinbase’s platform to buy, sell, trade, and hold cryptocurrencies.
Concurrent strength in the cryptocurrency market has certainly helped to drive chatter to new highs, but there’s something else contributing to the building hype: Coinbase NFT.
A qualitative analysis of COIN’s PI Mentions from the past month shows that NFT was in the top-10 most-used words, only surpassed by “buy”, “wallet”, “crypto”, and “bought”,
Although it's yet to be officially released, Coinbase has already invested a lot of resources into the development of an NFT marketplace — Apropos of the underlying trend, it’s not hard to see why. Consumer Mentions of buying, selling, and investing in NFTs have risen +53% in the past month, +145% QoQ, and more than +10,000% YTD.