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Coinbase stock (COIN) has rallied 28% off its Tuesday local lows, marching upwards to hit a new cycle high this morning! What bullish catalysts have pumped COIN?
Onchain activity on Coinbase’s Base L2 has exploded since Ethereum’s Dencun upgrade went live last week, slashing the cost for rollups to post data to Ethereum and allowing transaction fees for users to fall (initially).
While the demand for local compute on Base has sharply increased in recent days, leaving its average gas fees for end users relatively unchanged from pre-Dencun levels, surging revenues combined with monumental cuts to its cost structure allowed Base to net a monstrous sum of 478.18 ETH in pure profit yesterday.
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