Airdrop Army

Coinbase’s ticker COIN took a hard spill on Oct. 31, plunging 15.3% and landing at $179.25 by the closing bell. That marks its most brutal single-day drop since July 2022, when the SEC was hot on its heels. But for the hodlers and stalwarts, this earnings miss doesn’t mean the game’s up. In fact, some are eyeing a seismic bounce in 2025, betting that COIN’s future is brighter than the mainstream noise suggests.

Trader Pickle, holding a solid 16,100 followers on X, brushed off the slump as “hype fatigue.” He posted, “everyone overblowing the Coinbase earnings call,” adding that Q1 and Q2 2025 are primed to “go nuts.” Pickle sees the $600 mark in COIN’s future, shrugging off this summer’s usual market lag and soft retail interest.

Coinbase Earnings Crash But Market Heads Stay Calm

Cointelegraph spilled the beans on Coinbase’s miss on Oct. 30, with Q3 earnings undershooting Wall Street’s expectations by a clean 11%. Transaction revenue took a 27% haircut quarter-over-quarter, dropping to $573 million, though it still scored a hefty 98% up since Q3 2023. Then Oct. 31 hit, wiping over $950 billion off the market’s ledger, and COIN bore the brunt of the fallout.

Meanwhile, Geert Leysen, a crypto chart whisperer, reminded traders that COIN remains “above the trendline,” implying the earnings miss is just noise in the macro play. COIN, he claims, is glued to Bitcoin’s larger cycles, making this dip less about bad performance and more about timing. Bitcoin itself is holding near $69,310, a stone’s throw from ATH, fueling the theory that Coinbase’s moves reflect BTC’s epic.

MicroStrategy Steps Over Coinbase in the Market Cap Ring

As COIN stumbles, Michael Saylor’s MicroStrategy (MSTR) has surged past, now holding a $49.5 billion market cap, above Coinbase’s $44.5 billion. Saylor’s camp is as BTC-maxi as it gets, while Coinbase plays the crypto supermarket. Tuur Demeester, in an Oct. 9 X post, called it a “battle of archetypes,” saying, “One is the fox with many plays; the other is the hedgehog with One Big Idea.”

Trader Cable threw in his own spice, calling it “wild” that COIN still trades below its $250 IPO price from April 2021. With volatility shaking both stocks and crypto, traders are hanging in for what’s next.