Coinbase Still Has Positives Despite the Decline

March 25, 2022

Coinbase is a stock born from the bitcoin boom…

The crypto exchange was founded in 2012 and became a public company in April 2021 with its stock hitting a high of over $429 per share on its first day of trading.

Look how closely tied Coinbase stock is to bitcoin. If BTC falls, so does Coinbase…

The correlation is strong.

However, when we look at Coinbase Consumer Purchase Intent Mentions, we can see it is still robust.

Yes, there has been a recent dip, and the company already warned that Q1 trading volumes would be lower.

But based on Purchase Intent Mentions pre-pandemic, the demand is still solid, up +12% YoY.

Crypto trends are also continuing to rally with mentions of trading crypto trending at +210% YoY…

So despite the recent dip and plateau, the decline, based on LikeFolio data, hasn’t been substantial.

It was revealed over the weekend that Jim Chanos, a short-seller, is, well, shorting Coinbase. He apparently said it is a “bubble stock.”

He also told CNBC that they believe Coinbase is “over earning.”

Whether that prediction will turn out to be correct or not is another question...

Want deeper insights? Get Free Access to The Vault.


Related Posts

IPO Watch: Coinbase is rocking -- but is it enough?

In regard to trading volume, Coinbase is the largest cryptocurrency […]

Read More
3 reasons Bitcoin could go (much) higher

Earlier this week, Bitcoin topped $50,000 for the first time […]

Read More
Binance Doesn't Need an IPO

Binance Doesn't Need an IPO Tomorrow’s highly-anticipated Coinbase (COIN) IPO […]

Read More
1 2 3 12

Related Posts

Related Reports

About LikeFolio

LikeFolio analyzes social media data to accurately predict shifts in consumer behavior. We sell data and insights to professional investors, corporate research teams, and software providers.
© 2024
 LikeFolio. All Rights Reserved.