The largest U.S. cryptocurrency exchange Coinbase is on top for spending tons of money by the crypto sector on Super Bowl advertising. Coinbase had spent a record sum on Super Bowl advertising.
Cryptocurrency trading platforms were in the news when they appeared for the first time on the star-studded Super Bowl ads. However, the move did not translate into any surge in new app users.
Fall in app store downloads
All the prominent Whigs of the sector, Coinbase Global, FTX Trading, and Crypto.com, featured their advertisements during Sunday’s championship game. However, the exchange and investing platform eToro all saw a fall in U.S. app store downloads over the week before Sunday, according to research firm Apptopia.
Coinbase emerged as the second-highest slot on Apple’s app store ranking of all apps. However, the rank is deduced on least understood factors and analysts believe are based upon usage and velocity of downloads.
Coinbase emerges as the most recognized bank
According to Adam Blacker, vice president of insights at Apptopia, Coinbase was a clear winner in the sector and came out to become the most recognized brand.
Coinbase unveiled a minute-long ad of a blank screen and a moving QR code, prompting viewers to scan the mobile bar code to learn more. The code also offered a giveaway of $15 worth of Bitcoin for new users within 48 hours of the ad airing. Although, as a result, 20 million hits landed on the company’s page, crashing much to the annoyance of new users was not immediately recorded, according to Apptopia, it could still see a boost from Apple’s app store ranking.
The Seattle Times quotes Blacker saying, “Once you hit the top of the app store, it creates this self-fulfilling prophecy. More people today and tomorrow are going to look at the top of the app store, and they’re going to see Coinbase is up there, and they’re going to download it because it’s just in their face.”
In his note, Owen Lau, an analyst at Oppenheimer & Co Inc., said.
“While Coinbase is one of the largest crypto exchanges in the world, outside of the crypto world, many people still haven’t heard of it; immediately after the release of this ad, there was lots of discussion about this commercial on social media. Some people liked it, and some people hated it. But, we believe Coinbase achieved its mission: getting massive attention.”
The Super Bowl audience is a manifold combination, with about 4 of 10 viewers from the age group of 18 and 49 — a group that comes under the demographic of crypto buyers.
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?