Crypto Exchange Coinbase distanced blockchain network base from MemeCoin, which saw a massive backlash after the tokens were quickly acquired, reducing its value by millions of dollars.
Posted on X on April 16th, the base also shared an image promoting the network with its marketing catchphrase “Base Is Everyone,” and also shared a link to a token with the same name from Zora, a social network that allows users to create posts in the token so others can guess.
Just an hour after it was created, the base reached its token peak market capitalization of $17.1 million, falling nearly 90% over the next 20 minutes to a market value of $1.9 million.
The tokens then recovered slightly, trading around $7.7 million at the time of publication.
A Coinbase spokesperson distanced himself from the token and told Cointergraf, “Base didn’t fire the token.”
“This is not an official base token and the base did not sell this token. The base is posted to Zora, which automatically tokenizes content,” the spokeswoman said.
The spokeswoman pointed to a legal disclaimer on the token Zora page, stating base posts to the token manufacturing platform.
According to the post, Base adds that he will receive 10 million tokens of the total supply of 1 billion pledged to sell, and the money made from fees will support grants for the network’s developers.
Zora shows that Base has made more than $61,000 from the token.
Hundreds of X posts have criticised the base on the token, with one X user saying “the credibility this chain had is no longer there.”
Pierre Rochard, a former researcher at Riot Platforms, calls the token “a very short-term deal extraction that’s awful for the industry.”
“Abhishek Pawa, founder of AP Collective, said in X that the base redefines the memokine as a “content coin” and completely subdued the execution.”
“There are real possibilities for co-innovation,” he added. “But it basically brought about a totally fumble run, optics and trader expectations, leading to a legitimate rebound.”
Meanwhile, base creator Jesse Pollack, who posted to Zola to create dozens of tokens in the last two months, created the token and said, “Someone says they need to normalize that they need to turn on all of our content.”
He said creating tokens for internet content is “the final game of how creators can build a new economy that makes money from creativity,” and “need to overhaul mental models and product experiences.”
The token “had been sniped horribly” and the second launch burns
Harrison Leggio, co-founder of Crypto Startup G8Keep, said that the bass was “terribly shot” for everyone and the bass was “.
Leggio, who passes through “Pop Punk” on X, said he found two addresses that both wallets transferred the tokens to other addresses and sold them for a Toal profit of around $3,200, and now bought 21% of the supply of two ether (ETH) tokens, which is about $3,200 before they could sell them for about $300,000.
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Just 75 minutes after the creation of the base, the base is everything tokens, and the base was once again posted to Zola, promoting its presence at an event in New York next month. This also produced related tokens.
Dex Screener shows that the Token, called “Base @Farcon 2025,” falls to nearly 77% and settles at around $230,000 after peaking just $987,570 in the minutes of its launch.
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