How a $15M Meme Token Got Lost in Blockchain Wonderland 🚀😵‍💫

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Once upon a time in the vast, starry universe of crypto, Coinbase decided to introduce its blockchain network Base. Naturally, it also “kindly” shared a memecoin bearing the same name, which promptly decided to pull a cosmic disappearing act with $15 million in value — kind of like your favorite socks in the laundry, only more expensive.

On April 16, Base waved enthusiastically on X (yes, the platform formerly known as Twitter) with an uplifting motto: “Base is for everyone.” Alongside this declaration of inclusivity came a shiny link to a token lovingly birthed on Zora, a little playground where folks turn tweets into tradable magic beans.

What happened next was nothing short of financial fireworks: within just over an hour, the Base is for everyone token sprinted to a peak market cap of $17.1 million — before tripping spectacularly and face-planting nearly 90% down to $1.9 million in the next 20 minutes. DEX Screener, that tireless observer of chaotic numbers, watched in wide-eyed horror. 📉🔥

Later on, the token gathered some dignity back, trading around $7.7 million by publication time — sort of like a cat landing on its feet after a particularly clumsy leap.

Miraculously, amidst the storm of blame and bewilderment, a Coinbase spokesperson calmly clarified to CryptoMoon that Base did not launch this token. Nope, no official stamp, no secret cabal selling digital gremlins — just Zora doing what it does best: auto-tokenizing content like an overenthusiastic photocopier.

According to the legalese sprinkled on the token’s Zora page, Base’s posts are basically the blockchain’s equivalent of doodles in a notebook: “Do not expect profits or returns and no ongoing development will be made to increase their value.” Financial thrill-seekers, beware.

Interestingly, Base snagged 10 million tokens out of the 1 billion total, promising they would never be sold, with fees collected used to fund their developer grants. A noble gesture, if slightly overshadowed by the whole “tokenized doodles” vibe.

Zora tallies Base’s haul at just over $61,000 from the token, while trading volume skyrocketed past $26 million — presumably from frantic speculators who enjoy rollercoaster rides without seatbelts.

As expected, the X-verse did not hold back, with hundreds of posts declaring that Base has now officially lost whatever credibility it might have had. One particularly disgruntled user mourned the chain’s downfall with the solemnity of a Shakespearean tragedy.

Pierre Rochard, erstwhile Riot Platforms researcher and all-around crypto cynic, dubbed the token “terrible for the industry, very short-term transactional extraction”—which sounds like something your accountant might say during a nightmare.

Abhishek Pawa of AP Collective judged that Base attempted to redefine memecoins as “contentcoins” and spectacularly fumbled the landing. “The core innovation has potential,” he begrudgingly admitted, “but Base managed to trip over optics, execution, and trader expectations all at once.” 🎭

The creator himself, Jesse Pollack, toughed it out on X, declaring that “someone has to normalize putting all of our content onchain.” Brave words, considering the current price volatility made even a hyperactive squirrel anxious.

Jesse envisions a new economy where creators are rewarded for their creative chaos—though apparently such a wild concept might need us all to rewire our brains and product designs. Easy peasy!

Token Gets “Horrifically Sniped” As The Sequel Spirals Downward

the Base token was “HORRIFICALLY sniped.” Apparently, two wallets bought 21% of the supply for about $3,200 worth of Ether, then did a little dance transferring tokens around before pocketing a $300,000 profit. No one saw that coming, mostly because no one wanted to see it.

As if one memecoin flop wasn’t enough, just 75 minutes later, Base charmed the masses again with “Base @ FarCon 2025” to celebrate an upcoming New York event—the token counterpart hit a whopping $987,570 right after launch before tumbling 77% to a humble $230,000. Not exactly the Times Square ball drop, but more like a soggy sparkler.

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2025-04-17 06:27