{"id":127345,"date":"2025-04-17T03:21:00","date_gmt":"2025-04-17T03:21:00","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127345"},"modified":"2025-04-17T03:21:00","modified_gmt":"2025-04-17T03:21:00","slug":"coinbase-distances-base-from-highly-criticized-memecoin-that-dumped-15m","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127345","title":{"rendered":"Coinbase distances Base from highly criticized memecoin that dumped $15M"},"content":{"rendered":"

Source: Cointelegraph.com NewsCrypto exchange Coinbase has distanced its blockchain network Base from a memecoin it shared that saw massive backlash after the token rapidly gained, then dropped in value by millions of dollars.
\nBase posted to X on April 16 with an image promoting the network with its marketing tagline, \u201cBase is for everyone,\u201d it also shared a link to a token of the same name on Zora, a social network where users can make posts into tokens for others to speculate on.
\nIn just over an hour after it was created, the Base is for everyone token hit a peak market capitalization of $17.1 million \u2014 then dropped by nearly 90% over the next 20 minutes to a market value of $1.9 million, DEX Screener data shows.
\nThe Base is for everyone token\u2019s market cap saw a slight recovery after a rapid, nearly 90% fall in value soon after its launch. Source: DEX ScreenerThe token has since made a slight recovery and was trading around $7.7 million at time of publication.
\nA Coinbase spokeswoman distanced Base from the token, telling Cointelegraph that \u201cBase did not launch a token.\u201d
\n\u201cThis is not an official Base token, and Base did not sell this token. Base posted on Zora, which automatically tokenizes content,\u201d the spokeswoman said.
\nThe spokeswoman pointed to a legal disclaimer on the token\u2019s Zora page that states Base\u2019s posts on the token-making platform \u201care similar to those already shared on X \u2014 do not expect profits or returns and no ongoing development or efforts will be made to increase their value.\u201d
\nThe post adds that Base will receive 10 million tokens out of a total supply of 1 billion that it pledged never to sell, and money made from fees will support grants for the network\u2019s developers.
\nBase\u2019s X post linking to the post on Zora. Source: BaseZora shows Base has earned over $61,000 from the token, which has seen its total trading volume surpass $26 million.
\nHundreds of X posts have criticized Base over the token, with one X user saying that \u201cany credibility this chain had is now gone.\u201d
\nFormer Riot Platforms researcher Pierre Rochard called the token \u201cterrible for the industry, very short-term transactional extraction.\u201d\u00a0
\nAP Collective founder Abhishek Pawa said on X that Base \u201ctried redefining memecoins as \u2018contentcoins\u2019 and completely botched the execution.\u201d
\n\u201cThe core innovation actually has potential,\u201d he added. \u201cBut base utterly fumbled execution, optics, and trader expectations, resulting in justified backlash.\u201d
\nMeanwhile, Base creator Jesse Pollack, who has posted to Zora to create dozens of tokens in the past two months, defended Base creating the token, saying on X that \u201csomeone has to normalize putting all of our content onchain. I’m not afraid for it to be us.\u201d
\nHe added that creating a token for internet content is \u201cthe end game for how we can build a new economy where creators earn from their creativity,\u201d which he said would \u201crequire overhauling our mental models and product experiences.\u201d
\nToken \u201chorrifically sniped\u201d and second launch fizzles
\nHarrison Leggio, the co-founder of crypto startup g8keep, said that the Base is for everyone token \u201cwas HORRIFICALLY sniped.\u201d
\nLeggio, who goes by \u201cPop Punk\u201d on X, said he found two addresses that bought 21% of the token\u2019s supply for 2 Ether (ETH), currently worth about $3,200, before both wallets transferred the tokens to other addresses and sold them for a toal profit of around $300,000.
\nSource: Harrison LeggioRelated: Pump.Fun\u2019s PumpSwap DEX processed $2.5B of trades last week, up 40%\u00a0
\nJust over 75 minutes after the creation of the Base is for everyone token, Base again posted to Zora to promote its presence at an event in New York next month \u2014 which also generated a related token.
\nDEX Screener shows that token, called \u201cBase @ FarCon 2025,\u201d reached a peak value of only $987,570 in the minute after its launch before quickly dropping nearly 77% to settle to a value of around $230,000.
\nMagazine: Memecoins are ded \u2014 But Solana \u2018100x better\u2019 despite revenue plungeRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsCrypto exchange Coinbase has distanced its blockchain network Base from a memecoin it shared that saw massive backlash after the token rapidly gained, then dropped in value by… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127345"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127345"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127345\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127345"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}