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On Wednesday, October 30, the largest U.S. crypto exchange Coinbase, released its earnings report for Q3 of 2024. The report showed that it fell short by $60 million of key profit and revenue expectations of $1.26 billion, speculated by Wall Street and Bloomberg analysts.
As a result, investors, especially those in the Asia session, began dumping shares and tokens, particularly Dogecoin (DOGE) and Shiba Inu (SHIB). Instead, they are moving their funds to the AI crypto called IntelMarkets (INTL), as a safe haven for their investments. Here’s why:
Asia Session Traders Dump Dogecoin (DOGE) Amid Coinbase Q3 Reports
Dogecoin (DOGE) witnessed a significant price rally up to 23% during the past week, amid Donald Trump’s presidential campaign and comments from Elon Musk. However it seems Dogecoin’s (DOGE) bullish rally is about to come to an end.
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From the moment the Coinbase reports were released, traders and investors started dumping their holdings on tokens in the exchange. By Thursday, shares had declined by 15.3%, posting the stock’s biggest fall in more than two years.
Quarterly revenues from trading fees on tokens are crucial, and the disappointing revenue generated from Dogecoin’s trading activities on Coinbase in Q3 has led to a wave of sell-offs by traders during the Asian market session. As a result, Dogecoin (DOGE) has seen a decline of more than 6% in the last three days.
Traders Dump Shiba Inu, Fueling Its Bearish Sentiment Investors
Apparently, it wasn’t only one token getting dumped. Traders are also dumping Shiba Inu (SHIB) for the same reasons as they did Dogecoin (DOGE).
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Shiba Inu’s situation is even more concerning, as it has been struggling significantly and underperforming in the market. Over the past 30 days, SHIB has only seen positive trading days for 14 of them, and its price is currently down 80% from its all-time high.
This selling pressure has intensified the bearish sentiment surrounding Shiba Inu, despite a generally bullish market trend. The sell signal from the Moving Averages indicates that investors may continue dumping SHIB for a while.
Asia Session Traders Migrate To IntelMarkets’ Presale
With Coinbase and the tokens on its exchange couldn’t generate enough revenue to bring investors profits, traders including those in the Asia session are migrating to a viral AI crypto token IntelMarkets (INTL) as a safe haven for their funds.
This is because IntelMarkets shows great potential of bringing them huge returns that’ll help them recover from their loss on Coinbase. The platform employs a variety of advanced AI-driven trading tools and resources which provides users with real-time data analysis on market trends and moves, helping traders stay ahead of the market and mitigate risk.
These tools are much appreciated by the Asia session traders because it streamlines their trading experience. The platform undergoes several smart contract audits, which is why these traders know their funds are safeguarded on IntelMarkets. Not to mention that they even control their assets autonomously and anonymously because IntelMarkets requires no KYC checks.
Additionally investors can earn up to 5000% returns at the official token launch, by joining its ongoing presale where tokens can be bought at just $0.036 each. Don’t sleep on it, join IntelMarkets’ presale now and enjoy a 50% registration bonus!
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