---
title: What's Driving Token Prices? April 26, 2023
description: Join Arca's Director of Research, Katie Talati, to learn about what is driving ENS, COIN, SHIB, & BNB token prices in the digital asset ecosystem.
image: https://www.ar.ca/hubfs/WDTP%20Thumbnail.jpg
---

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# What's Driving Token Prices? April 26, 2023

[![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati)

 Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati)

 Apr 26, 2023

**Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.**

Watch Our Founders Video

- **ENS (-6.8%) **-** **Ethereum Name Service, the project that allows users to buy .eth domains as NFTs, is partnering with MoonPay to create a fiat on-ramp for buying domain names. It's not live yet but should be helpful for onboarding potential non-crypto native users. The ENS treasury has earned just under $900M to date.
- **COIN (-5.7%)** - Coinbase has been making waves the last week, first announcing that if regulation in the U.S. continued on its current path, it could explore moving to another jurisdiction. Late last week, the company also announced that it could launch its offshore derivatives exchange as soon as this week, as the Bermuda Monetary Authority had granted them a regulatory license. Finally, Coinbase launched a countersuit against the SEC, requesting a federal judge force the SEC to publicly share if it would allow the crypto industry to be regulated using the existing SEC framework. In July of last year, Coinbase petitioned the SEC to provide an answer and clarity for digital assets, but the SEC has not provided a public response to Coinbase. In the meantime, the agency has increased its enforcement action activity.
- **SHIB (-4.9%)** - Shiba Inu, the meme coin similar to Dogecoin, announced further details and an ETA for its upcoming Layer-2 blockchain that appears similar to Polygon’s. Currently in testnet, the lead developer noted that mainnet is 2-4 months out and will have a focus on metaverse-related applications.
- **BNB (+3.9%)** - Binance Chain released a new product, wrapped beacon ETH (WBETH), as the latest liquid staking derivative. The token is a wrapped version of its existing ETH staking token, BETH, designed so users can use it outside of Binance within DeFi. Binance is currently the third largest staker behind Lido and Coinbase with over 1M ETH staked and about 2.6% market share.

*DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."*

 

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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

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