{"id":509004,"date":"2024-04-19T09:48:51","date_gmt":"2024-04-19T09:48:51","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=509004"},"modified":"2024-04-19T09:48:51","modified_gmt":"2024-04-19T09:48:51","slug":"coinbase-shares-plunge-16-in-five-days-but-analyst-sees-it-as-the-best-bet-since-tesla-five-years-ago","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/coinbase-shares-plunge-16-in-five-days-but-analyst-sees-it-as-the-best-bet-since-tesla-five-years-ago","title":{"rendered":"Coinbase Shares Plunge 16% In Five Days, But Analyst Sees It As The Best Bet Since Tesla Five Years Ago"},"content":{"rendered":"

Coinbase<\/span><\/a> 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.<\/span><\/p>\n

“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 <\/span>podcast<\/span><\/a>. <\/span><\/p>\n

Investors are still seeing Coinbase as just an exchange platform, when the company is actually transforming into a “crypto super app,” he added.\"Coinbase<\/span><\/p>\n

Coinbase Generates $30 Million From Growing Base Network<\/span><\/h2>\n

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.<\/span><\/p>\n

Clemente believes that traditional investors are currently overlooking all of the on-chain activity taking place within the Coinbase ecosystem. <\/span><\/p>\n

“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.<\/span><\/p>\n

\n

Since its launch, it:<\/p>\n

– 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)<\/p>\n

— Shual (@0xShual) March 31, 2024<\/a><\/p><\/blockquote>\n