After much anticipation, Coinbase Global, Inc. (NASDAQ: COIN) opened today at 1:25 p.m. Eastern and the first trade was executed at $ 381 per share. Since then, it has traded $ 429.54, giving the company a valuation of more than $ 110 billion.

Coinbase went public via a direct listing, which means the company does not sell shares upfront or go through an underwriter. There is also no blocking period in a direct listing. All existing investors can sell their shares once trading opens.

The early gains didn’t last as early investors tried to incorporate gains in the massive excitement and media coverage surrounding the direct listing.

At the time of writing, shares were trading at just $ 310, down $ 119 per share, or 28% from their highs.

Legendary penny stock trader Timothy Sykes was quick to warn his Twitter followers that retailers are at a disadvantage on multi-billion dollar stock debuts like COIN.

He reminded traders that the market has changed dramatically in the past few months. Many remember the IPOs of DoorDash, Inc. (NYSE: DASH) and Airbnb, Inc. (NASDAQ: ABNB), which saw list prices soar on the first day of trading.

Sykes also encouraged traders to wait for better trading opportunities.

In the last of a series of three tweets, Sykes asked his followers to vote for the stock they expect will sell more panic at the end of the day. The choice fell between COIN and HUMBL, Inc. (OTCPK: HMBL).

HUMBL is a much smaller cryptocurrency exchange that trades on the pink leaves with a market cap of around $ 3 billion. As it wrote, it dropped up to 25% from its daily highs.

When writing, more than 600 people had voted at COIN with a margin of 63% to 37%.

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