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Base dropped an atmosphere and accidentally launched a roller coaster.
The layer 2 network of Coinbase, base, arouses the controversy after a piece of content which he published was automatically created in a negotiable token via Zora.
The token, which the team described as experimental, quickly traveled the moon to more than $ 17 million in market value, deposited in a few hours, then rebounded at more than $ 20 million.
On Wednesday, the official X official account published a message “Base is for everyone”, followed by another article indicating “Invent IT” with a link to Zora – indicating that their message had been struck like an ERC -20 token on Zora.
The base is for everyone. pic.twitter.com/gq3llluxo1
– Base (@base) April 16, 2025
Just bring it together.
– Base (@base) April 16, 2025
Even with the non-responsibility clause of Zora indicating that the “base is for everyone” token was not official, which did not stop a speculative wave which raised its valuation over $ 17 million before tumbering 94% to $ 1 million in a few hours, according to Dexscreener Data.
The cryptography market initially responded with a mixture of skepticism and sarcasm after the rapid increase and collapse of a token hit the basic tweet.
We are therefore at the cycle stadium where the base has just launched memecoins outside the main account
What happened to our man in industry pic.twitter.com/vcnf8r06zf
– Staging ⨀ (@intern) April 16, 2025
Coinbase freshly out of the dry abandoning his file against him, decides to boldly transform this W to launch his own basic token on the official account. Naturally, he immediately robust it. pic.twitter.com/axfvrjoaax
– Beanie (@Beaniemaxi) April 16, 2025
Hantao Yuan chain analyst reported that the three upper portfolios controlled almost 47% of the token supply, a portfolio alone containing 25.6%.
Yuan also noted the presence of volume robots contributing to the rapid increase and the drop in the price of the token. More than 2,500 portfolios have been affected, many users saying that they were misleading or captured.
Let me go straight
> Basic tweets A token on their main account
> The 3 best holders had 47% of the offer (sold a lot)
> Jesse defends him
> Posts 2 other tokens
> “It’s culture”
> 2,500 carriers (potentially new basic users) pic.twitter.com/nm4cy04eua– Hantao (@hantao) April 16, 2025
In a follow -up declaration after the Inccident, the basic team supervised the experience in the context of an effort to tokensinate the content. Although Base received 10 million tokens as a creator, the team said they would not sell them.
Base publishes on Zora because we think that everyone should bring their contents in the waves and use the tools that make it possible.
Memes. Moments. Culture.
If we want the future to be Inshain, we must be willing to experiment in public. This is what we do.
To be clear, …
– Base (@base) April 16, 2025
However, many users of the ecosystem have been confused by the execution and the response of the market.
Elsewhere, certain projects based in Solana responded by the sarcasm.
Touching the grass is not enough. We owe him to
– Phantom (@phantom) April 16, 2025
Does my boss have a pet?
Ask for a friend
– Raydium (@raydiumprotocol) April 17, 2025
Commenting on the case, Alon, co-founder of Pump.fun, said that basic actions could become normal in a few years but are out of step with today’s expectations. He said that the decision to tokensinate the content without considering the current realities of the market caused real damage to users.
While Alon supports the vision of “all token”, he said that social influence brings responsibility.
I think there is a reality where the base has done is normal in a few years
But it is certainly not today and it led to an injury
I am a great defender of the vision of “all tokenizing”, but you cannot change the realities of the current market – if you launch a room and you have …
– Alon (@ a1lon9) April 16, 2025
After a quick collapse, the token recovered, reaching a peak of around $ 23 million. At the time of writing the time of the editorial staff, its evaluation amounts to around $ 18 million.
The Total Total Trading volume exceeded $ 30 million in less than 12 hours, according to Zora data. The room has generated about $ 70,000 in creative gains for base since its launch.
Despite the controversy, Jesse Pollak, the basic creator, defends the normalization of content creation on chain. He encouraged the basic ecosystem brands to use Zora to tokensinate the content.
In a series of messages, Pollak shared the advantages of tokenizing advertisements, posters and videos, citing increased virality, deeper community engagement and new income opportunities.
He described the initiative as a “new form of marketing” and said that the basic team was arranged in Pioneer of this approach.
The timing is interesting. Last month, Coinbase brought back plans for Tokenize its stock of parts of $ in order to introduce titles based on blockchain in the American financial system.
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