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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Burger Flippening: DoorDash IPO Instantly Exceeds Ethereum Market Cap

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
ethereum doordash burger flippening

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Created by industry experts and meticulously reviewed
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It is “IPO season” in the stock market, and among the companies going public for the first time, is food-delivery firm DoorDash. In its stock market debut, the individual share price brought the total market cap above the entire Ethereum market cap instantly.

One analyst calls DoorDash’s debut the “the most ridiculous IPO of 2020,” holding “no value.” While that is debatable, the fact that it immediately surpassed years of adoption in a breakthrough financial network that could disrupt and support the entire financial system in the future, is indeed “ridiculous.” Here’s a detailed look at DoorDash’s stock market introduction and more reasons why it could also show just how undervalued the top-ranked altcoin is currently.

IPO Season: DoorDash Goes Public To Capitalize On Peak Stock Market Exuberance

With everyone stuck at home, and restaurants either forced to shut down, limit seating, or having gone out of business, few businesses have benefitted from the pandemic as much as DoorDash has.

The budding food delivery firm relies on delivery drivers in the same vein as Uber, who pick up food from local establishments and deliver it to DoorDash’s customer’s doorsteps.

Related Reading | Here’s What Will Happen To Ethereum Once Bitcoin Breaks $20,000

Yesterday’s stock market debut propelled the share price upward by 86% over its initial IPO price, taking the total market cap to $72 billion.

David Trainer, CEO of market research firm New Constructs, who finger pointed WeWork for the disaster it was last year, says DoorDash is  “the most ridiculous IPO of 2020.”

Trainer cites stiff competition, a lack of established revenue-driving, and says the current pandemic-driven demand could wane.

“This is Silicon Valley selling public markets an asset at a huge premium, and they’re going to laugh all the way to the bank, and I think a lot of individual investors rushing into this are going to lose a lot of money,” he explained.

doordash IPO stock DASH

The DoorDash stock share price chart looks strange with only two days trading | Source: NYSE-DASH on TradingView.com

Why The “Ridiculous” Debut Demonstrates That Ethereum Is Massively Undervalued

The DoorDash stock market debut puts its market cap at $72 billion, taking it above Ethereum’s $63 billion and rapidly declining market cap. Analysts believe it could eventually reach $1 trillion.

The second most dominant crypto network was recently valued slightly higher than $72 billion itself but has since pulled back considerably.

But so has DoorDash, putting the two assets closely on par moving forward. And few comparisons do such a bang-up job of proving why the initial DoorDash valuation is so “ridiculous.”

doordash IPO stock DASH

At its debut, the DoorDash IPO was valued higher than the entire Ethereum network | Source: CRYPTOCAP-ETH on TradingView.com 

DoorDash has very little profit margins currently, due to it still being in the building stage. Ethereum, today is a powerful distributed ledger network capable of deploying decentralized finance apps, smart contracts, and just about anything else Wall Street can cook up.

Related Reading | How Ethereum Is Poised To Replace Wall Street’s Archaic Back End

Ethereum’s potential to transform the future of business, finance, and some of the systems most critical to any industry should give it a market cap significantly higher than an alternative way to get food delivery, which has existed for as long as people have been eating at restaurants.

What is happening instead, is that investors are being fed low-value promises in exchange for capital that simply isn’t comparable. But regardless, investors seem to be eating it up, leaving little appetite behind for real-value assets like Ethereum and the future of DeFi.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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