• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
ethereum doordash burger flippening

Burger Flippening: DoorDash IPO Instantly Exceeds Ethereum Market Cap

Tony Spilotro by Tony Spilotro
2 years ago
in ETH
Reading Time: 3 mins read
Advertisement

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.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

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.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

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
Tags: cryptodoordashETHethbtcethereumethusdETHUSDTIPOStock Market
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

Ethereum

Ethereum Price Close Below $1,600 Could Spark Larger Degree Correction

5 hours ago
Ethereum

Ethereum Price Revisits $1,700 And $1,800 Seems Imminent, Here’s Why

1 day ago
Ethereum Price

Ethereum Price is About to See “Liftoff” if It’s Able to Hold One Crucial Level

2 days ago
Ethereum Price

Ethereum Price Holds Key Support and Eyes Fresh Move To $1,700

3 days ago
Ethereum Price

Ethereum Price Looks Ready For Another Leg Higher Over $1,700

6 days ago
Ethereum Price

Ethereum Price Hits $1,700 and ETH Is Poised For More Upsides

1 week ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Bitcoin (BTC) Sends the Cryptocurrency Market Green; Ethereum (ETH) and Orbeon Protocol (ORBN) Investors Among Those Set to Profit

February 9, 2023

MATIC, Snowfall Protocol (SNW), and Solana (SOL) (SOL) Surge in Early 2023 Crypto Rally

February 9, 2023

SEC Calls for Bitcoin (BTC) and Ethereum (ETH) Regulation As Snowfall Protocol (SNW) Presale Ends on a High Note

February 8, 2023

Chainlink (LINK) and Orbeon Protocol (ORBN) Outperform the Market, Experts Predict Big Growth in 2023

February 8, 2023

ALTCOIN DAILY TO PRODUCE AND STAR IN NEW “SHARK TANK OF CRYPTO” TV SHOW, KILLER WHALES

February 7, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.