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The layer 2 network of Coinbase, base, intended to trigger a cultural wave, but rather triggered controversy and indignation after many perceived as an official approval of a piece of memes went wrong.
It all started with an apparently harmless tweet of the basic official account: “the base is for everyone”.
Shortly after, a follow-up position indicating “it it it” included a link to a token struck on Zora, which makes the post himself like a room.
What followed was a breathtaking sequence of events that saw the market capitalization of the token to soar $ 17.1 million, then crash almost 94% in minutes.
Despite the warnings that the token was not an official Coinbase or the base product, the market interpreted approval differently.
Chain detectives quickly identified the red flags: the upper wallets have raised almost half of the token supply, and a few moments from its meteoric ascent, the whales thrown their bags, triggering an accident that wiped millions of people.
More than 2,500 portfolios were affected by the benefits, many belonging to retail investors who had believed that the token had the implicit support of Coinbase.
Hantao Yuan, a chain analyst, reported that a wallet alone controlled more than 25% of the offer.
Although it is not a typical carpet traction involving liquidity traction, the effect was the same.
The first three portfolios represented 47% of the token offer, and their collective sale led to a catastrophic implosion.
Boots of volume accelerated the damage. With a summit of $ 17 million, the token dropped less than a million dollars before bounced back to more than $ 23 million.
The incident triggered an immediate backlash on Crypto Twitter, where influencers and merchants accused the basis and Jesse Pollak, the example of the project, of carelessness.
Since Coinbase is an American company listed on the stock market and the base is a flagship network of layer 2 of Ethereum, the perception of the legitimacy transported by the basic Twitter account was enormous.
Many thought that an entity supported by the Coinbase promoting a token involved implicit credibility and security. But this illusion was broken in real time.
Critics have wondered if an American regulated company could experiment so casually which seemed to be a piece of meme, in particular given the potential regulatory consequences.
Several users have indicated that they had invested substantial sums, some even liquidators of their retirement economy or contractor, believing that the token had the support of Coinbase.
A particularly viral tweet detailed the history of an investor who claimed to have lost everything, which aroused calls for intervention by the agencies of the dry, the Nasdaq and the federal agencies.
In a follow -up declaration, Base said that they had received 10 million tokens as creator of original content but would not sell them.
This decision was described as a creative experiment, not a product launch, but this distinction arrived too late for many.
Alon de Pump.fun, a launch of Launchpad Rival based in Solana, said that although the content tokenization can become standard in the future, the context of the current market makes these actions dangerously premature.
“If you launch a room and have a social influence, it is accompanied by responsibilities”, “ he warned.
The unprecedented rules of the crypto dictate that influential figures must avoid promoting speculative assets without total transparency, especially when linked to large institutions.
While the token bounced around $ 18 million in market capitalization, the experience of the base surrounding is only intensifying.
At one point, the negotiation volume exceeded $ 30 million in just under 12 hours. Even more confusing, the base gained about $ 70,000 in costs of creator of the token, he insists that he does not touch.
The same, formerly ridiculed, started to attract attention as merchants have speculated on its future.
However, confidence damage can take much more time to recover. Influencers and developers require more cornerbase and base transparency.
The base had just a major carpet traction, here is what happened
what happened
→ Official Base Twitter has promoted even "The base is for everyone"
→ Immediate speculative frépulation, token quickly pumped the launch to a market capitalization of ~ 15-20 million dollars
→ The 3 best holders held 47% of the supply, quickly dropped… pic.twitter.com/irod2tkwvx– Abhi (@ 0xabhip) April 16, 2025
Currently, the “base is for everyone” token has a market capitalization of $ 10.4 million, far from its top of all time, but it remains very alive. Whether it’s a recovery sign or just another peak before a fall remains to be seen.
The base of post-coinbase distances from viral memes currency after a 90% overvoltage of 17.1 million dollars appeared first on Cryptonews.