Shares of US-based cryptocurrency exchange Coinbase (COIN) fell to an all-time low. This development subsequently outpaced Coinbase in terms of market cap for the popular meme token Dogecoin (DOGE).
Last year With a price of $ 250 on the Nasdaq open to the public coinbasewith an all-time high (ATH) after listing 400 dollarsThe share price, which has risen above , has continued to decline steadily since then.
Last month FTX after its bankruptcy $40.62 falling COIN, finally to a new low signed more. At the time of writing the news priced at $34.97 COIN remains at its all-time low (ATL) level.
With this latest development, Coinbase shares have been in stock since the beginning of 2022. 86% has lost value. With this ongoing bad trend, Coinbase’s market value under $8 billion dropped and emerged as a meme token dogecoin‘of10 billion dollarsfell below its market value.
DOGE volume is more than COIN, something wrong here
Experts speculate that this drop in volume in Coinbase shares is due to the “loss of confidence in centralized exchanges” that came with the FTX bankruptcy. Commenting on the subject At that moment senior market analyst Edward Moya “Crypto investors remain skeptical about holding their assets on exchanges” supported these skeptical predictions. Moreover “something wrong with the market” Moya made a volume comparison for DOGE and COIN.
The fact that Dogecoin has a higher market cap than Coinbase indicates that something is still wrong in the crypto world. Coinbase is a good long-term way to be in crypto, but I think share prices could drop to $30, at least for the short-term.
In a recent report by Coinbase, it was mentioned that the expectations for 2023 are positive. Coinbase CEO Brian Armstrong stated that the cryptocurrency regulations that cause uncertainty today may become clear in 2023.