👊 BASE under fire for memecoin crash
What happened, who messed up, and why is there so much drama with Coinbase and its Layer 2? 🧠👇
1.
Yesterday, the official Base account (Coinbase's Layer 2) posted on X the phrase “Base is for everyone.”
All good… until it wasn’t.
2.
The post came with a link to Zora, a platform where you can tokenize posts and turn them into tradable assets.
And boom: someone created a token called “Base is for everyone.”
3.
In one hour, the token surged to $18M in market cap…
and then plummeted 91% to $1.6M 😵💫
The reason? 3 wallets that held 47% of the total supply sold everything.
4.
🔍 What did the Base team say?
That the token was not official, and that it was created automatically by Zora because the original post came from their platform.
Basically: “It wasn’t us, it was the technology.”
5.
Even so, the market cap of the token recovered to $11M.
And here comes the real question:
Should projects like Base be more careful when posting content that can be tokenized?
6.
Final thought, buddy:
It’s fine for Coinbase to want to “experiment”…
But if you end up giving the impression that this token is official — and people lose money — the line between innovative and irresponsible becomes very thin. 👀
From $18M to $1.6M and back to $11M
Only in crypto, buddy.
Was it a communication error or just pure memecoin chaos?
I’m listening to you 👇
#Base #Coinbase #Memecoin #CryptoNews
What happened, who messed up, and why is there so much drama with Coinbase and its Layer 2? 🧠👇
1.
Yesterday, the official Base account (Coinbase's Layer 2) posted on X the phrase “Base is for everyone.”
All good… until it wasn’t.
2.
The post came with a link to Zora, a platform where you can tokenize posts and turn them into tradable assets.
And boom: someone created a token called “Base is for everyone.”
3.
In one hour, the token surged to $18M in market cap…
and then plummeted 91% to $1.6M 😵💫
The reason? 3 wallets that held 47% of the total supply sold everything.
4.
🔍 What did the Base team say?
That the token was not official, and that it was created automatically by Zora because the original post came from their platform.
Basically: “It wasn’t us, it was the technology.”
5.
Even so, the market cap of the token recovered to $11M.
And here comes the real question:
Should projects like Base be more careful when posting content that can be tokenized?
6.
Final thought, buddy:
It’s fine for Coinbase to want to “experiment”…
But if you end up giving the impression that this token is official — and people lose money — the line between innovative and irresponsible becomes very thin. 👀
From $18M to $1.6M and back to $11M
Only in crypto, buddy.
Was it a communication error or just pure memecoin chaos?
I’m listening to you 👇
#Base #Coinbase #Memecoin #CryptoNews