In the stock market, layoffs are a green signal. Stockholders like layoffs because it means that more money will go to them instead of being deducted in the form of salaries, incentives, etc. And as long as the platform is working well, this means that the 20% of the employees were not really needed.
They also then shut down operations in Japan recently.
This may be read as positive news, even though it appears to be negative.
On Dec 2022, COIN's market value was $32 and on Jan 27, 2023, it is $61.47. What is the reason behind this 90% increase in price in your opinion. I also checked recent news related to Coinbase exchanges and could not find anything favorable. On the other hand, they are having all sort of issues which should have caused a decline in the stock coin price.
You do not need a reason to pump and dump any coin and they can take advantage of the liquidity they obtained from laying off employees in stock purchases, which may push more investors when they see that the price is going up.
One month's data will not give us detailed information that we can use, so you have to wait for several months and then your question will be logical.