- NASDAQ:COIN fell by 2.73% amidst another mixed day for the tech sector and NASDAQ index.
- DogeCoin is headed to the moon as the meme coin outpaces the benchmark cryptos.
- Coinbase receives a skeptical analyst upgrade ahead of its quarterly earnings call.
NASDAQ:COIN has been nothing short of a disappointment since it made its direct listing debut on Wall Street in mid-April. After heading higher during intraday trading, Coinbase ended the day in the red once again as the stock fell 2.73% to hit $273.00 at the closing bell. At this point it is hard to imagine that Coinbase hit a high of $429.54 on its first day of trading, and even with the surging prices of Bitcoin and Ethereum, shares are still down over $150 in less than a month on Wall Street.
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The recent crypto boom has not been caused by Bitcoin or Ethereum though. The meme token DogeCoin has hit record highs this week, ahead of Tesla (NASDAQ:TSLA) CEO hosting Saturday Night Live for the first time. DogeCoin now has a market cap of $81 billion USD, which makes it worth $30 billion more than Coinbase itself. The surging price of DogeCoin, which has no other utility than a questionable store of value at best, is the epitome of the altcoin bubble that we are currently in.
Leading investment research firm Mizuho upped its price target for Coinbase from $285 to $315, although it voiced concerns over the platform’s reliance on trading volume and fees. Mizuho believes the continued crypto euphoria that has engulfed the market will only benefit Coinbase in the short term, even though Q2 earnings are expected to come in lower than Q1. The new price target implies a 15% ceiling from Wednesday’s closing price.
