The market remains skeptical of Coinbase ($COIN) as Q1 on-chain data for the x402 open standard shows declining activity despite management's claims of growth in agentic commerce. While Coinbase CEO Brian Armstrong highlights that 99% of x402 transactions are settled in USDC and 90% occur on the Base network, recent analytics show a sharp drop-off in transaction volume and active participants. Investors are questioning the long-term viability of these protocols to generate non-spam activity and meaningful revenue for $COIN by 2026.