Coinbase (COIN) shares have plummeted 16% over the past five days, mirroring broader volatility in the crypto and stock markets, though one analyst suggests that investors may not be seeing the potential buying opportunity.

“The street isn’t really pricing in the crypto native revenue that I think a lot of the crypto natives understand,” crypto analyst Will Clemente said in a recent Unchained Crypto podcast.

“I think Coinbase is the biggest kind of venture-style bet in public markets since maybe Tesla about five years ago,” Clemente added.

Clemente claimed that traditional investors still view Coinbase “purely as an exchange” despite it making many changes to its business structure over the past 12 months.

“Throughout the bear market, they made a lot of strategic pivots to shift toward what I’m calling a crypto super app,” he declared.

In particular, he noted Coinbase’s Ethereum layer-2 network, Base, which now has a total value locked (TVL) of $5.35 billion and oversees 30.81 daily transactions per second.

“Over the last 30 days, Base has done $30 million of top-line revenue for Coinbase just based on the sequencer fees, which annualizes out to like $360 million a year,” he explained while suggesting that traditional investors are overlooking the significant activity taking place on-chain.

“The street doesn’t even know what Base is, and they’re definitely not extrapolating out the potential of a ton of activity taking place there and the sequencer fees that Coinbase may benefit from that.”

At the time of publication, COIN is currently trading at $218.08, down almost 16% over the past five days, per Google Finance data.

Coinbase is expected to release its earnings report for the first quarter of 2024 in the next few weeks.

Over the past five days, the S&P 500 is down 3.12%, while Bitcoin (BTC) has declined approximately 4.67%.

Meanwhile, more downside is expected for both markets as geopolitical tensions escalate in the Middle East after there were reports of explosions at Isfahan airport in central Iran.

Related: Coinbase cleared in lawsuit over crypto transactions

The news comes amid Cathie Wood’s ARK Invest continuing its selling spree of COIN.

On April 15, it was reported that ARK sold 3,689 COIN shares worth approximately $824,000.

It was only a month ago that ARK sold off a staggering amount of the stock amid its price seeing a year-to-date increase at the time of approximately 54%.

On March 21, Cointelegraph reported that ARK sold 199,526 Coinbase shares from its exchange-traded funds.

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