Coinbase stock remains in a deep bear market after plunging by 45% from its highest point last year. This crash may continue despite upgrades by Bank of America and Goldman Sachs analysts as activity in the Base L2 network plummets. Third-party data shows that activity on Base, the layer-2 network the company launched in 2023, has continued to plummet in the past few months. Data compiled by DeFi Llama shows that the monthly DEX volume has continued to fall in the past few months, signaling weak activity.
The network processed transactions worth over $26 billion in December, down sharply from the $53 billion it handled in October. The volume has dropped in the last three consecutive months as the crypto market crash persisted. Meanwhile, Nansen data shows that the number of transactions in Base plunged by 24% in the last 30 days to 312 million, while the fees and active addresses dropped by 47% and 21%, respectively, to $2.7 million and $6.9 million.
The deteriorating activity on Base may spill over to Coinbase over time, especially for the anticipated BASE token if community sentiment worsens. The company’s revenue is estimated to have declined about 15% in the last quarter, while its earnings per share slid to $1.18 from $4.68. On the price chart, COIN has fallen from a high near $445 in 2025 to around $240, forming a death cross as the 50-day and 200-day EMAs crossed and the price remains below the Supertrend indicator. If the stock next tests the $200 support, the downside risk remains elevated.
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