Exchange Tokens Rally Ahead of Coinbase IPO

Tomorrow will mark a historical moment in crypto as Coinbase’s stock, COIN, lists on the Nasdaq with a reference price of $250 implying a ~$65 billion valuation. It will obviously be an important event to watch as it was rumored to be listing at a valuation closer to ~$100B while some analysts already have targets well above that. Amid the speculation, let’s revisit the current exchange token landscape, many of which have seen remarkable returns over the last few months. Both DEX & CEX tokens have been among the top performing sectors in crypto in 2021; year-to-date, the combined market cap of CEX & DEX tokens appreciated 10.5x, significantly outperforming the overall crypto market, which increased 2.7