BASE Token Dumps and Pumps as ‘Content Coins’ Spark Debate

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Is BASE the New Bitcoin or Just Another Crypto Catastrophe? 😱💸

So, here we are, folks! Base, the Ethereum Layer-2 network that’s basically the cool kid on the blockchain block, decided to throw a party with its new token, BASE Is For Everyone. And guess what? It’s not your run-of-the-mill meme coin. No, no! This one’s all about on-chain content. Because who doesn’t want to invest in a token that sounds like a motivational poster? 🙄

Initially, the token was like that overzealous friend who shows up to a party and immediately claims to be the life of it, skyrocketing to a $17 million market cap. But then, like a bad hangover, it crashed and burned, only to rebound 64% in the last 24 hours. Talk about a rollercoaster ride! 🎢

Price Action and Insider Trading Allegations

Now, let’s talk about the launch. It was as smooth as a cat on a hot tin roof. One minute, BASE was the belle of the ball at $0.0091, and the next, it was face-planted at $0.00308. All this drama unfolded just after Base decided to drop a second token on the Zora creator protocol. Because why not add more chaos to the mix? 🤷‍♀️

And here’s where it gets juicy: Lookonchain claims that three wallets were in on the action before the announcement, raking in over $666,000. Yes, you read that right! One wallet turned a measly $1,577 into a whopping $267,000. I mean, if that’s not insider trading, I don’t know what is! 💰

Critics are having a field day, with blockchain sleuth Dethective quipping, “Base is for everyone. Especially if you are an insider and can profit 200k.” Ouch! That’s gotta sting! 😬

Despite the initial crash, the token has made a comeback, reaching an all-time high (ATH) of $0.021. As of now, it’s trading at $0.01538, which is still a 64% improvement over 24 hours. So, it’s not dead yet, folks! The market cap is back to $16 million, and trading volumes are spiking at $39.2 million. Speculative interest? Stronger than my morning coffee! ☕

Content Coins vs. Meme Coins

In response to all the criticism, Coinbase’s Head of Protocol, Jesse Pollak, decided to double down on this whole “content coin” thing. He claims these tokens are not just speculative assets but rather pieces of culture. Because who wouldn’t want to collect a vibe? 😏

“Content coins are not built on speculation. They’re built on meaning. You’re not buying into a project, you’re collecting a moment. A vibe. A piece of culture. It’s expression onchain, not expectation,” wrote Base contributor Nkechi. Sounds fancy, right? But I’m still not sure how to explain that to my bank manager. 🤔

Pollak insists that these coins should be judged by engagement, not price action. And he promises that Base will never sell these tokens for profit. Right. And I’m the Queen of England! 👑

Yet, skeptics like Pump.fun co-founder Alon Cohen are raising eyebrows. He argues that while tokenizing content might be the future, Base’s approach clashes with current market expectations. “If you launch a coin AND have social influence, that comes with responsibility,” he states. Well, that’s a novel idea! Who knew responsibility was a thing in crypto? 😅

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2025-04-17 11:58