One of the most sought-after listing – if not the most – occurred yesterday and as the market have settled there are mixed views about the future of Coinbase. Coinbase’s listing is indicative of widespread cryptocurrency acceptance. The crypto market surged upward with Bitcoin establishing a new all-time high with the direct listing of Coinbase.
Coinbase got a reference price of $250 from NASDAQ but the opening price was much higher – at $380 – giving it a valuation of around $100 billion. In the initial hours of trading, the price of the ticker COIN shot up to $420. However, COIN could not sustain the high price and quickly fell to as low as $310. At the time of publication, COIN stands at a price of $328.
On Bitfinex and FTX the pre-IPO tokenized price of COIN was at $610, which has fallen, too, to $410. It appears as though the enthusiasm for Coinbase’s COIN has died down. While some investors have grown less and less bullish on COIN, others continue to vie for it.
MoffettNathanson analyst Lisa Ellis has regarded COIN as one of the must-have stocks. The cryptocurrency market is going to propel COIN upwards and COIN is going to push cryptocurrencies up – creating a positive feedback loop. Per the analyst, the stock is poised to reach $600 in the coming days.