In a recent tweet, Pentoshi, a renowned member of the crypto community, warns of a looming Coinbase collapse. Pentoshi predicts Coinbase’s downfall as he believes the exchange is set to overtake all others as the largest in the world. Pentoshi thinks that anything with a 100% success rate is doomed to fail.
When Coinbase tops all other apps in the globe, a decline is expected to follow, according to Pentoshi. The recommendation is to sell everything in around 1-2 weeks if that occurs before things get messy. Practically, as petoshi affirms, every big cycle peak saw this happen. In January 2018, May 2021, and November 2021, it occurred.
Something that has a 100% hit rate.
When Coinbase becomes the #1 app in the world. You have about 1-2 weeks to sell everything before doom begins.
This happened basically at every major cycle top.
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) January 2, 2023
Pentoshi, a while back, again asserted this back in 2021 when he made a similar statement. He emphasized that Normies were uninterested in the lows. He claimed that instead, they were drawn to dazzling items and promises of instant wealth. However, these predictions by pentoshi are based on human behavior.
If Coinbase is #1 app top is always close without fail. Same in late 17’-18
Normies aren’t interested at the lows. They love the shiny objects and promises of getting rich quick.
Something to put in your notes 📝 ✍️ pic.twitter.com/b2daL22SyS
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) November 18, 2021
How coinbase rose to glory
The most well-known crypto assets exchange for American consumers is Coinbase. The startup, which has been in business since 2012, enables customers to purchase, trade, and store digital assets like bitcoin and Ethereum.
Consumer awareness of the brand is already quite high in a market that was previously only accessible to cryptoasset aficionados. The business’s mobile app returned to the top rank on Apple’s App Store in May 2021 after falling from that position in 2017.
By being the first cryptocurrency firm in the world to go public in April 2021, the company created history. When Coinbase went public on Nasdaq, its direct listing began at $350 per share, $100 more than the reference price that was chosen. During its first public offering, its valuation peaked at over $112 billion but ended at roughly $86 billion.
Although Coinbase is best known for its cryptoasset exchange, it has goals beyond just facilitating the purchase and sale of cryptocurrencies. The company’s declared objective, to establish a new, “open financial system,” is consistent with the long-term vision of crypto assets supporters.