Base, darling, the blockchain network ever so cleverly backed by Coinbase, has found itself in a bit of a pickle, hasn’t it? All because of promoting a meme coin called “Base is for everyone”. What began as a frightfully amusing experiment with on-chain content swiftly descended into a positively ghastly nightmare. The coin’s value shot up faster than a champagne cork, then crashed with the subtlety of a dropped soufflé, leaving the crypto chaps utterly bewildered and, dare I say, a tad frustrated. After the brouhaha, Base felt obliged to explain their little escapade and why they launched the token in the first place. Oh, the drama! 🎭
From Hero to Zero in Minutes, What a Performance!
On April 16, Base, in a moment of sheer inspiration, shared a promotional image with the scintillating phrase “Base is for everyone” on X, accompanied by a link to a token of the same name. This token was launched on Zora, a platform where one can turn content into tokens, because, why not? Just over an hour later, the token’s market value peaked at a staggering $17.1 million. But alas, within a mere 20 minutes, the value plummeted by nearly 90 percent. At one point, it resembled more of a financial abyss at around $623,000. The horror! 💸
To add insult to injury, Lookonchain data revealed that the top three wallets were hoarding nearly half of the total supply, which, naturally, raised a few eyebrows. This activity sparked serious concerns in the community, suggesting that some lucky souls may have been privy to inside information about the launch, leading to questions about fairness and transparency. Honestly, darling, the nerve! 🤨
Why Did Base Do This, You Ask?
After facing the music, Base explained that this was simply a public experiment. They claimed they wish to move content such as memes and cultural moments onto the blockchain so it can live permanently online. This concept is known as putting content on-chain. They used Zora to test the waters and encouraged others to follow suit. According to Base, these tokens are not official, and they shall never sell them. The tokens were merely part of a creative test and not tied to Coinbase or any real investment product. A likely story! 🤥
Community Reactions, A Mixed Bag, Naturally
Despite the explanation, many people in the crypto space were far from amused. Some called it detrimental to the network’s reputation. One expert said the whole thing was criticized as opportunistic by some analysts. Another said that Base tried to turn meme coins into content coins but was poorly executed, according to critics. Even though the core idea of putting content on-chain has potential, critics felt the way it was done was poorly planned and unfair to traders. Really, the audacity! 😠
To compound the issue, two addresses were found to have purchased 21 percent of the token supply early and sold it for a profit of around $300,000. A second token launched by Base also flopped, dropping in value shortly after release. Oh, the indignity! 🤭
Overall, this incident raised serious questions about how crypto projects experiment in public and the impact it can have on their reputation. One hopes they’ve learned a valuable lesson. Or perhaps not. Time will tell! 🤔
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2025-04-17 10:25