Exchange Tokens Rally Ahead of Coinbase IPO

APR 13, 2021 • 4 Min Read

Can Gurel

Disclosure: Delphi Ventures has invested in RUNE, SUSHI, and UNI. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.

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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 2.7x during the same period.

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