Base faces criticism for promoting content token that crashed 95% after launch

By Hannah Pérez

Base promoted on social networks a token “base is for everyone” that emerged at the price meteorically before crashing. Although later he recovered, there are those who suffered losses, which caused the fury of the community.

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• Base, the Coinbase Blockchain network, promoted the token “base is for everyone.”
• The Token coined in Zora, a headquarters -based platform based on creating content tokens.
• The currency emerged meteorically before a loud collapse of more than 90%.
• Base and Coinbase clarified that it is not an official token and suggested that it was something experimental.
• While the Token then recovered in price, the community’s reaction was violent.

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Basethe network Blockchain Layer 2 backed by cryptocurrency exchange Coinbaseis under fire of the cryptocurrency community for promoting a token that crashed 95% after its launch, although it was later recovered.

Wednesday afternoon Base He went to Zoraa social network platform based on the base network that Acuña Tokens according to the content that is published, to publish the phrase “Base is for Everyone” (“Base is for everyone”) that automatically became a digital asset.

Shortly after its creation, the official account of Base in X He promoted the Token sharing an image with the phrase “Base is for all”, followed by a response post with a direct link to the Token page in Zora.

Coined It: https://t.co/ixmybz45xn

– Base (@Base) April 16, 2025

The Tweet with the direct link to the emerging Token project seemed created the perception of legitimacyinviting users to trade the currency. The “base is for everyone” dynamics reflected the immediate euphoria of the merchants.

Within a 4 -hour negotiation window, the graphics drawn a huge green candle that represents millions in entrance, but was soon reversed by a red candle of exits of equal size.

In figures, this resulted in a mass increase in the market capitalization of the Token of a few thousand to a cap of more than USD $ 17 million. But, in the middle of sales, the token “base is for everyone” soon crashed in approximately 95% in value, eliminating more than USD $ 15 million in the market, according to data of Dexscreener.

Negotiation volumes in UNISWAP They exceeded the USD $ 13 million during the brief activity window.

The almost total rapid loss of liquidity led users to claim that it was a typical case of “carpet pull” and accusing Base and Coinbase to promote a token that exhibited a classic behavior of “pumping and download.”

Three holders accumulated and sold

Chain detectives noticed, tracking public data from Blockchainthat the wild speculative activity was initiated by three wallet addresses that monopolized much of the token supply immediately after its launch.

Three cryptocurrency wallets bought tokens “base is for all” before the official announcement in X, and then sold for a combined gain of around USD $ 666,000according to the chain analyst Lookonchain.

Abhishek Pawa, founder and CEO of the advisory firm Web3 AP CollectiveHe noticed in a similar way that the three main headlines of Token controlled 47% of the supply and quickly sold their holdings. The support of Base “damaged significantly“The trust of the community, Pawa said on social networks, in line with the community’s signs.

Base clarifies that it is not an official token

In the midst of the violent reaction of the community, Base And its creator Jesse Pollak clarified that “base is for all” is not the official cryptocurrency of the Capa 2 network and that the project did not sell them personally. They also explained that it was something like a “contentcoin” experiment, in which a token directly linked to digital content is stuck.

“To be clear, base will never sell these tokens, and these are not official network tokens for base, coinbase or any other related product. The content we share is creative, and we will continue to bring culture to the chain “said a spokesman for Base.

According to the team’s explanation, –that never addresses the loud collapse–, Base He did not launch the Token, since he was automatically coined by the platform Zorain which Base He simply made a publication.

“Base is publishing in Zora because we believe that everyone should bring their content to the chain “, wrote The base team In x a few hours after what happened. “If we want the future to be in chain, we have to be willing to experience in public. That is what we are doing. ”

The content token is not affiliated with Coinbase

Zora’s responsibility discharge for Token “Base is for everyone” points out that the Token is not affiliated with Base either Coinbaseand that Token operators should not expect profits or yields. “There is a significant risk of losing all funds spent on them“, Details the description. “Buy only for entertainment and creative purposes“

Zora’s description also explained that Base will receive 10 million tokens from a total supply of 1 billion “as creators” and will never sell the tokens. “All rates generated will be allocated to subsidies that support builders based on“

Before the launch, Pollak had described the “contentcoin” as a representation of a single piece of content that is “Create in a context where the expectation is established that the currency is content and content is the currency – no less, no less“

Violent reaction despite recovery

Despite the explanations and explanatory ones, the community reacted with criticism of the team. The lack of mention of wild activity in the graphics possibly did not help.

The rapid boom and drop cycles in these Tokens Emerging often create a net effect of negative wealth, which allows a few selected to benefit significantly, while most face losses, as explained COINDESK.

The larger the boom and fall cycles associated with these currencies, the stronger the effect of negative wealth. The dynamics are usually observed with the small memecoins of rapid emergence, as was the case of Libra, promoted by Argentine president Javier Milei at the beginning of the year, and before that with Melania, launched by the first lady of the United States.

The collapse of the Token “base is for everyone”, equally abrupt that his post launch rebound was followed by a recovery. For the time of writing of this article, the market capitalization of “Base is for all” is more than USD $ 16 million.

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Hannah Estefanía Pérez / Diariobitcoin

Edited image of Unspash, with base logo

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