Base faces backlash as Base for everyone token crashes 95%
Base, the layer 2 blockchain supported by Coinbase, is faced with criticism after a token that he favored crashed 95% shortly after launch before rebounding.
On April 16, Base published an article on Zora, a social chain application that automatically transforms publications into tokens. The message said: “The base is for everyone.” A few minutes later, the Official Basic X account shared the same message with a response connecting the basic token page for everyone on Zora. The token increased rapidly, reaching a market capitalization of $ 17 million. But it quickly plunged 95%, destroying more than $ 15 million in value.
The clear fall led to an immediate reaction on X, with criticism accusing Base And Coinbase to push a risky same. The initiates, who held almost half of the token supply, threw their chips after the basic post increased interest, which resulted in a sharp drop.
Lookonchain then pointed out what seems to be initiate transactions. Three portfolios bought large quantities just before the basic position and sold afterwards, pocketing more than $ 666,000 in profits.
Base responded to the counter coupling with a public declaration on X. Although the token seemed to be approved publicly by base, the project clarified that it was not an official network token for the base or Jamming. Instead, the token was part of a creative experience on Zora to bring content to the channel. The team said they wanted to openly explore tools that help share the memes, moments and culture.
“If we want the future to be Inshain, we must be ready to experiment in public,” wrote the team. They added that the base “will never sell these tokens” and that the shared content is intended to support creativity and culture on the chain.
Despite this, many in the cryptographic community felt misled. Some have said that the base should have communicated more clearly before the token was put online. A basis continues to publish on “Contentcoins”, its experience in the digital token content. However, many traders remain skeptical, calling for more responsibility for the main platforms.
According to the tokens page On Zora, “the base is for everyone” has a market capitalization of $ 13 million and a 24 -hour negotiation volume of $ 37 million from press time. The creator of tokens has gained more than $ 74,000 from the commercial activity and the awards of the creator of Zora.
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