Recently, GYEN has gained a lot of momentum following its listing on Coinbase. On November 17th, the currency de-tethered itself from the yen, allowing it to soar to a high of 0.065643, more than 7.5 times its fiat equivalent. The incident generated some controversy on social media as many users accused Coinbase of committing fraud. Earlier, the coin lost its peg with the yen when demand for it spiked after it was listed. This sudden increase in demand led to the sudden increase in the Gyen value.
While there have been some positive news regarding GYEN, a number of investors have voiced concerns about its volatility. WalletInvestor, which publishes reports on the cryptocurrency market, maintains a bearish stance on GYEN. The firm expects the currency to trade at $0.044 by 2025, despite its relatively low market cap. However, it should still go up in the long run, but negative news may derail the upward trend.
Coinbase has been facing lawsuits from customers who purchased the currency through its exchange. The plaintiffs claim that Coinbase misled investors about the gyen’s stability. As a result, they lost millions of dollars. Meanwhile, Coinbase has been suffering from weak earnings and its stocks have plummeted.