Why Coinbase, Shiba Inu, and Polkadot Are Up Today

The bull run has continued for cryptocurrencies on Tuesday with most major cryptos up at least mid-single digits. Investors seem to continue their bullishness ahead of Ethereum's Merge and it helps that there's some positive economic news out recently.

Coinbase Global (NASDAQ: COIN) was a big beneficiary today, rising as much as 10.3% in trading and moving 9.3% higher as of 12:15 p.m. ET. Shiba Inu (CRYPTO: SHIB) charged 12.7% higher from its low Monday afternoon to highs this morning, and Polkadot (CRYPTO: DOT) jumped 10.4% over that time.

For Coinbase, the move is largely because the crypto market is active again, which means more trading fees will be generated, and the company appears to be taking market share. According to CoinMarketCap, Coinbase's exchange volume is up 32% in just the last 24 hours to $3.2 billion, which puts it ahead of FTX in the exchange market. Coinbase makes money on transaction volume, not the price of cryptocurrencies, so this increase would be good for the business.

Source Fool.com