Base, that darling layer-2 blockchain coddled by Coinbase, finds itself in a rather sticky wicket, wouldn’t you say? A token they, shall we say, *promoted*, took a nosedive of 95% – a veritable swan dive into the abyss – only to resurface with a bounce that might amuse a melancholic kangaroo. One wonders, is this the future of finance or a particularly cruel joke? 🧐
On the 16th of April, Base, with a flourish worthy of a seasoned raconteur, graced Zora – an on-chain social app, a digital salon where posts metamorphose into tokens – with a pronouncement: “Base is for everyone.” A sentiment as saccharine as it is, perhaps, disingenuous. Minutes later, the official Base X account echoed this pronouncement, linking to the “Base for everyone” token page on Zora. A veritable digital fanfare! The token, in a fit of exuberance, surged, achieving a market cap of $17 million. But, alas, hubris is a cruel mistress. It soon plummeted, leaving a trail of tears and $15 million in vaporized value. 💸
Base is for everyone.
— Base (@base) April 16, 2025
The precipitous fall, as predictable as a Tolstoy novel’s ending, sparked a veritable bonfire of discontent on X. Critics, those ever-vigilant guardians of the digital realm, accused Base and Coinbase of peddling a risky memecoin. The insinuation, of course, being that someone, somewhere, was playing a game of chance with other people’s money. Insiders, those shadowy figures lurking in the digital corners, holding nearly half the token supply, allegedly dumped their tokens after Base’s post ignited a frenzy, thus orchestrating the aforementioned plunge. A masterclass in digital theatre, wouldn’t you agree? 🎭
Lookonchain, with the keen eye of a seasoned detective, later flagged what appeared to be insider transactions. Three wallets, like mischievous gremlins, bought large amounts right before Base’s post and sold after, pocketing over $666,000 in profits. One might call it a devilishly clever scheme.😈
3 wallets bought a large amount of “Base is for everyone” before @base posted and sold them, making a profit of ~$666K.
0x0992 spent 1.5 $ETH($2,370) to buy 256.39M “Base is for everyone”, and sold all for 108 $ETH($170.4K), making $168K.
0x5D9D spent 1…
— Lookonchain (@lookonchain) April 17, 2025
Base, facing the music with a slightly strained smile, responded with a public statement on X. The statement, a masterpiece of obfuscation, clarified that the token, despite appearing to be publicly endorsed, was not an official network token. Instead, it was merely a “creative experiment” on Zora, a whimsical foray into the world of on-chain content. The team, with a touch of the theatrical, declared its desire to explore tools that help share memes, moments, and culture openly. A noble pursuit, indeed! 🤔
“If we want the future to be onchain, we have to be willing to experiment in public,” the team wrote. They added that Base “will never sell these tokens” and that the content shared is meant to support on-chain creativity and culture. A promise as comforting as a cup of lukewarm tea on a rainy day. ☕
Base is posting on Zora because we believe everyone should bring their content onchain, and use the tools that make it possible.
Memes. Moments. Culture.
If we want the future to be onchain, we have to be willing to experiment in public. That’s what we’re doing.
To be clear,…
— Base (@base) April 16, 2025
Despite this carefully crafted narrative, many in the crypto community felt, shall we say, slightly misled. Some suggested that Base might have communicated more clearly before unleashing the token upon the unsuspecting masses. A suggestion as practical as it is, perhaps, belated. Base continues to post about “contentcoins,” its experiment in tokenizing digital content. However, many traders remain skeptical, their trust as fragile as a Fabergé egg, calling for more responsibility from major platforms. 🧐
According to the token’s page on Zora, “Base is for everyone” has a market cap of $13 million and a 24-hour trading volume of $37 million as of press time. The token creator has earned over $74,000 from trading activity and Zora’s creator rewards. A tidy sum for a bit of digital flimflam, wouldn’t you say? 💰
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2025-04-17 12:20