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Coinbase shares have plunged 16% in the past five days amid a broad market slump, but crypto analyst Will Clemente believes the US crypto exchange is the best bet since Tesla five years ago.
“I think Coinbase is the biggest kind of venture-style bet in public markets since maybe Tesla about five years ago,” Clemente said in a recent episode of the Unchained Crypto podcast.
Investors are still seeing Coinbase as just an exchange platform, when the company is actually transforming into a “crypto super app,” he added.
Coinbase Generates $30 Million From Growing Base Network
From an on-chain perspective, Coinbase’s Layer-2 network Base has been flourishing. In just the last 30 days, the network has generated $30 million in revenue for Coinbase from the blockchain’s sequencer fees alone, Clemente said. This adds to around $360 million in revenue a year, he continued.
Clemente believes that traditional investors are currently overlooking all of the on-chain activity taking place within the Coinbase ecosystem.
“The street doesn’t even know what Base is, and they’re definitely not extrapolating out the potential of a ton of activity taking place there and the sequencer fees that Coinbase may benefit from that,” he said.
Since its launch, it:
– on boarded >132k addresses
– had over 4.15m completed txs
– had 7.5k total contracts deployed (mostly rugs, only 290 verified)
– had over 2300 tokens launched (mostly rugs)— Shual (@0xShual) March 31, 2024
Base was also able to benefit from the recent investor frenzy surrounding meme coins, and reached a daily peak of $1.22 billion in trading volumes on Mar. 30.
Although trading volumes dropped shortly thereafter at the beginning of April, Base still registered an average of $970 million trading volumes that week.
The increased activity on the network has made Base an attractive destination for meme coins as well with Brett (BRETT) and Degen (DEGEN) now among established names with market capitalizations of $541 million and $443 million, respectively.
The Base network has an overall market cap of $3.2 billion.
ARK Invest Sells Another Batch Of COIN Shares
Not everyone has a short-term bullish outlook towards COIN though. Even though Cathie Wood’s ARK Invest is a major holder of COIN and a believer in its growth over the long run, it continues to offload its holdings in the exchange.
Most recently, ARK sold 3,689 COIN shares that were worth approximately $824,000. Earlier, ARK took profits on more COIN shares after it had soared a year-to-date 54% at the time of the trade.
Despite their recent fall, COIN shares are up 39% so far this year and have surged 198% in the past six months.
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