CoW Protocol (COW): price, market cap and how it did against Bitcoin
Bottom line
CoW Protocol (COW) closed at $0.1105 on 6 November 2026, with a market capitalisation of $64.2M (rank 360). That is below its 200-day average of $0.1358. Over 90 days it is 13.5 percentage points behind Bitcoin. DEX as a theme is +2% against Bitcoin over 13 weeks.
Price
$0.1105
as of 2026-11-06
Market cap
$64.2M
snapshot 2026-11-06
vs Bitcoin · 90d
−13.5 pts
as of 2026-11-06
30-day median volume
$183.3K
as of 2026-11-06
What it is · from the data we hold
What is CoW Protocol (COW)?
CoW Protocol (COW) is a crypto token that CoinGecko lists under decentralized exchange (DEX), exchange-based tokens and decentralized finance (DeFi). We place it in the DEX theme, with 38 coins. Its highest daily close since 29 May 2026 was $0.166 on 30 September 2026; its lowest was $0.1014 on 13 August 2026.
01 · the tape, against its benchmark
How has CoW Protocol moved against Bitcoin?
CoW Protocol's one-year return is withheld because the series is incomplete. Annualised 30-day volatility is 68%. Its deepest fall from a high inside the last 90 days is 33%. It trades below its 200-day average.
COW · rebasedBitcoinDEX · equal weight
All three lines rebased to 100 at the first week each has data. Bitcoin is the opportunity-cost benchmark for crypto risk; the theme line is its equal-weight index of current rated members.
02 · returns, volatility and drawdown
What do CoW Protocol's returns and risk look like?
7 days-4.9%
30 days-25%
90 days+3.4%
180 days—
1 year—
30-day volatility68% annualised
Deepest 90-day fall33%
200-day average$0.1358 · below
50-day average$0.1401
03 · what the protocol actually earns
Does CoW Protocol generate fees or revenue?
CoW Protocol publishes 2 of the six network-economics series this site tracks: network fees, protocol revenue. Network fees over the last four complete quarters is $38.7M. Network activity is evidence about the protocol, not earnings owed to the token. Readings run to the Q3 2026 quarter.
Fees, last 30 days$2.1M
Revenue, last 30 days$1.3M
Fees, last 90 days$5.6M
Revenue, last 90 days$3.5M
Paid to token holders, last 30 days$0
Paid to token holders, last 90 days$0
Source: DefiLlama, daily figures summed to 2026-11-05. Fees are what users paid; revenue is the part the protocol keeps. Paid to token holders is the share of revenue DefiLlama counts as going to holders, through buybacks, burns or staking payouts.
Network fees15 of 20 quarters
Last four quarters$38.7M+57%
Protocol revenue15 of 20 quarters
Last four quarters$24.1M+34%
Network fees
Protocol revenue
Complete calendar quarters only. A blank quarter is unavailable, not zero. Network activity is evidence about the protocol, not earnings owed to the token.
04 · exact additive research priority
What does the evidence say about CoW Protocol?
CoW Protocol scores 52.9 out of 100 inside DEX, ranked 7 of 30 rated coins on 79% evidence. The four displayed point contributions add exactly to the total; missing evidence pulls only the affected factor toward neutral and lowers its stated coverage. It ranks research attention within one theme, never portfolio action, and it is not comparable across themes.
What it means: Network use is growing faster than the price has moved.
11.9/35Price leadership
vs Bitcoin (90 days): −13.5 pts · vs its theme (30 days): −3.8 pts · below its 200-day average
80% evidence
20.8/30Usage growth
Fees 56.9% · revenue 33.5% · users —
53% evidence
15.4/20Value capture
Fee yield 60.24% · revenue yield 37.58%
100% evidence
4.8/15Liquidity & risk
Typical daily trading: $183.3K · price swings: 68.1% a year
100% evidence
This weakens if: The read weakens if 90-day strength against Bitcoin falls below zero with two weekly closes below the 200-day average, or native activity contracts for two complete calendar quarters.
No valuation section exists on this page, for any coin. There is no company-style P/E or PEG for a token, and historical market capitalisation is not held at all, only a dated current snapshot, so no ten-year valuation band can be built honestly. Where a protocol publishes fees or revenue, the yield against that dated snapshot is shown above instead.
05 · the theme it competes in
How does CoW Protocol compare with other DEX coins?
CoW Protocol is one of 38 DEX coins here, 30 of which carry enough evidence to be rated and ranked. CoW Protocol ranks 7 of those 30 on 79% evidence. The table below is the theme's own scorecard, in its own order, with this coin marked.
The DEX scorecard in its own order, with this coin marked. Scores are within-theme and are not comparable with coins in another theme. See the full DEX page.
Which crypto lists is CoW Protocol on?
CoW Protocol is on one of our crypto lists: Altcoins (DeFi coins). Every coin we track is in the full ranking on Cryptocurrencies by market cap. List membership comes from CoinGecko's categories and market-cap rank, never from a hand-picked list.
Next to it by size · every coin with a page
Which coins are closest to CoW Protocol in market cap?
CoW Protocol is number 215 by market cap among the 603 coins with a page on this site. The 4 just larger and the 4 just smaller are listed here, each with its theme, so the comparison crosses themes. Market cap is the snapshot dated 2026-11-06.
This page names 5 ways its own evidence about CoW Protocol can mislead, all listed below. The largest is that crypto network activity is not company earnings: protocol revenue does not automatically accrue to token holders. Price runs through 2026-11-06; market capitalisation is a separate snapshot dated 2026-11-06.
Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
Market capitalisation is a dated snapshot, not a point-in-time historical supply series, so yields computed against it inherit that lag.
No valuation band exists for any coin: historical market capitalisation is not held at all.
Funding rates, open interest, liquidations, exchange flows, unlock schedules and developer activity are not held and are not inferred.
The research score is relative to this coin's own theme only. It is not comparable across themes and is not an entry signal.
Price and technicalsThrough 2026-11-06, from exchange closes; moving averages are computed, never scraped.
Protocol activityThrough 2026-11-06, for the series this token publishes.
Market capSnapshot dated 2026-11-06; no historical supply series is implied.
Decision useResearch priority within one theme. Not entry, exit, sizing or leverage instructions.
Questions the page should answer directly
Crypto analysis FAQs
These 9 answers cover the questions this page can settle from data it holds: what the category is, how the score is built, what the coverage gaps are, and what would change the read. Every answer below is also present in the page’s FAQ schema and in its plain-text rendition. None of them is a recommendation.
What is CoW Protocol (COW)?
CoW Protocol (COW) is a crypto token that CoinGecko lists under decentralized exchange (DEX), exchange-based tokens and decentralized finance (DeFi). We place it in the DEX theme, with 38 coins. Its highest daily close since 29 May 2026 was $0.166 on 30 September 2026; its lowest was $0.1014 on 13 August 2026.
What is the market cap of CoW Protocol?
CoW Protocol's market capitalisation is $64.2M, ranking it 360 in the top-1,000 crypto universe, read on 6 November 2026. It is refreshed separately from the daily price.
Is CoW Protocol beating Bitcoin?
Over 90 days CoW Protocol is 13.5 percentage points behind Bitcoin: its own return minus Bitcoin's. Its theme, DEX, is +2% against Bitcoin over 13 weeks. CoW Protocol trades below its 200-day average as of 6 November 2026.
What is CoW Protocol's highest price?
The highest daily close we hold for CoW Protocol is $0.166, on 30 September 2026, in records from 29 May 2026. The lowest is $0.1014, on 13 August 2026. The close on 6 November 2026, $0.1105, is 33% below that high.
Does CoW Protocol have a P/E ratio?
No. There is no company-style P/E or PEG for a crypto token, and no valuation band is shown on this page because the data to build one honestly does not exist: historical market capitalisation is not held, only a current snapshot. Where a protocol publishes fees or revenue, this page shows the yield against that dated snapshot instead.
What is CoW Protocol's research score?
52.9/100 within DEX, ranked 7 of 30 rated DEX coins, on 79% evidence: 11.9 + 20.8 + 15.4 + 4.8 = 52.9. It is labelled “Thinly traded”. The score ranks research attention inside one theme, never portfolio action.
How much CoW Protocol history does this page show?
Five years of weekly closes where they exist, plus 20 complete calendar quarters of on-chain activity for the metrics CoW Protocol actually publishes. Here that is network fees, protocol revenue.
How much did CoW Protocol earn in the last 30 days?
In the 30 days to 5 November 2026, DefiLlama shows $2.1M of fees and $1.3M of protocol revenue for CoW Protocol. Over 90 days: $5.6M of fees and $3.5M of revenue. Fees are what users paid; revenue is the part the protocol keeps.
Does CoW Protocol generate network fees?
CoW Protocol's trailing twelve-month network fees is $38.7M, up 56.9% on the year-earlier period. Network activity is not token-holder earnings: whether it accrues to the token depends on the protocol's own burn, buyback and distribution rules.