$ETH ETH Base Is Pumping Out Tokens as Real On-Chain Activity Slips
What we’re seeing on Base is a classic case of misleading growth. Token launches have surged beyond 100,000 in just one day, largely driven by Zora’s ultra-low-cost “content coin” model. From the outside, it looks like massive momentum. Beneath the surface, however, genuine user activity is quietly fading.
Active wallets have dropped to their lowest levels in 18 months, while transaction volumes continue to decline. Despite tokens being created at record pace, most are failing to generate lasting interest, real liquidity, or meaningful economic use. The gap is widening: token supply is skyrocketing, while actual network usage keeps shrinking.
This highlights an uncomfortable reality — creating tokens is cheap, but attracting users, capital, and attention is not. Vanity metrics can surge overnight; true network health cannot. If this pattern continues, Base risks turning into a production line for short-lived tokens instead of a sustainable on-chain ecosystem.
So the real question remains:
Are we witnessing genuine growth — or just noise disguised as momentum?
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