Coinbase stock price (NASDAQ:COIN) gained 2.2% in the last 24 hours, bringing its price to $158.46. Much of Coinbase’s success is seen from its layer-two (L2) solution network Base, which has continued to dominate the L2 sector, hardly standing out as a technological pioneer.
In light of the well-performing COIN and the rising popularity of the Base L2, investors are flocking to purchase these three coins making them some of the top crypto to buy.
Why is Coinbase Stock Price Surging?
The recent rise in Coinbase stock despite a luggish couple of days prior can be attributed to a combination of robust financial performance, strategic revenue diversification, and advancements in regulatory clarity.
In Q2, the company reported $1.4 billion in revenue and $36 million in net income, with consistent positive adjusted EBITDA for six quarters. This strong financial showing is complemented by a strengthened balance sheet, now at $7.8 billion.
Moreover, progress in regulatory clarity and growing support for crypto legislation are viewed as significant boosts for the industry. Product innovations, including enhanced trading features and growth in transactions on their Layer 2 solution, further contribute to a positive outlook, driving investor confidence and elevating the stock price.
Bullish Coins Amid Coinbase Stock Price Rise
As Coinbase stock price continue to rise investors are watching these tokens that could potentially see massive gains. These coins include:
- Brett
- Degen
- Toshi
1. Brett (BRETT)
Brett is the largest meme coin on the Base L2 network. Often dubbed ‘Pepe’s Best Friend,’ the coin has seen incredible performance recently, rising 11.9% in the last seven days.
Brett has a market cap of $769 million, and after a week of surging, the asset was retraced by 0.7% over the last 24 hours. Analysis shows BRETT still has more upside potential.
The BRETT price daily chart shows a potential cup and handle pattern forming, which could also be part of a bullish pennant that could result in a 98% uptick in price. This makes BRETT one of the safest coins to bag, while Coinbase stock price performs well.
2. Degen (Base) (DEGEN)
Degen (Base) is another coin on the Base blockchain that has captured the attention of investors. L2 Beat data shows Base is outrunning other L2 networks.
Additionally, excluding all of the stablecoin swaps on the Aerodrome, Base’s largest DeFi protocol, the top market is made of meme coin-linked trading pools.
DEGEN is one of the most popular coins on the network but has a tiny market cap of $51 million. The price of DEGEN has suffered a great correction, dropping 32% in the last month. Still, the asset is up over 1300X since alltime low less than a year ago. Investors can take advantage of this one since its 95% from its all time high, and with Ethereum surge, associated L2 networks will surge.
3. Toshi (TOSHI)
Toshi is now among the most popular coins on the Base L2 ecosystem. While the price is down 87% from all-time high, the asset is still more than 5200X. The price of TOSHI is currently in a consolidation zone and has recently bounced off the bottom of the range.
There is a high likelihood that TOSHI could surge 68% to test $0.00001600. TOSHI has a $41 million market cap and could be a real contender especially in the presence of a Coinbase stock price increase.
The proximity of Base L2 to Coinbase has made it a lucrative network for both retail and long-term investors. The surge in COIN price has positively influenced the Base L2 ecosystem. As one of the best cryptocurrency exchange, Coinbase stock price performance serves as a gauge for the industry’s health.
Watch Out This Coins as Coinbase Stock Price
As Coinbase stock price rises 2.2% to $158.46, its Base L2 network’s growth is driving interest in three coins: Brett (BRETT), Degen (DEGEN), and Toshi (TOSHI). Brett shows potential for a 98% gain with its bullish pattern, Degen is poised for recovery after significant drops, and Toshi could surge 68% from its current level. The Coinbase stock surge positively impacts the Base L2 ecosystem, making these coins attractive to bullish investors.
Frequently Asked Questions (FAQs)
Coinbase stock price rose by 2.2% to $158.46, largely driven by the success and growing popularity of its Base L2 network.
Base is a layer-two (L2) solution network built on Ethereum, designed to improve scalability and reduce transaction costs. It has gained significant traction in the L2 sector.
The increase in Coinbase stock price positively influences the Base L2 network, boosting investor confidence and interest in associated coins like Brett, Degen, and Toshi.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/investors-are-bullish-on-these-3-coins-amid-coinbase-stock-price-surge/
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