The chart is based on 24-hour on-chain transactions.
It reflects stablecoin movements (specifically USDT) between wallets and exchanges.

In this chart, Coin @base is one of the top-ranking platforms in terms of on-chain stablecoin transfer volume (USDT) in the past 24 hours. Here's a breakdown of its significance:
Ranking & Volume:

Coinbase is the second-highest exchange in terms of stablecoin transfer volume, right after Binance.
Its bar is tall, indicating high transfer activity in USDT.
Stablecoin Activity:

Coinbase is a major fiat on-ramp and off-ramp, meaning it has large inflows and outflows of stablecoins.
High USDT transfers suggest significant trading activity, user deposits/withdrawals, or institutional movements.
Comparative Insight:

The chart specifically highlights Gemini, showing:
Total transfer volume: 5,877,796 USDT.
Total inflow volume: 2,927,855 USDT (amount received).
Total outflow volume: 2,949,941 USDT (amount sent).