Base's "For Everyone" Token Crashes 95% in Wild Ride

Base's Hype Backfires as Token Plummets

Hold onto your hats, crypto fans! Base, the layer-2 blockchain with Coinbase's backing, is in hot water after a token they hyped up crashed a staggering 95% right after launch. Talk about a rollercoaster ride!

On Apr. 16, Base threw down a post on Zora, the slick on-chain social app that mints posts into tokens faster than you can say "blockchain." The message? "Base is for everyone." Minutes later, the official Base X account echoed the sentiment, linking straight to the "Base for everyone" token page on Zora. The token skyrocketed, reaching a mind-blowing $17 million market cap in the blink of an eye. But then, bam! It tanked 95%, wiping out over $15 million in value. Ouch!

Base is for everyone. pic.twitter.com/gq3lLLuXO1

The crash sparked a firestorm on X, with critics roasting Base and Coinbase for pushing what they called a risky memecoin. Turns out, insiders holding nearly half the token supply dumped their stash right after Base's post sent interest through the roof, causing the steep plunge. Talk about a classic pump-and-dump!

Lookonchain then dropped the bombshell, flagging what looked like some shady insider trading. Three wallets scooped up huge chunks of the token right before Base's post and then sold off, pocketing over $666,000 in profits. That's some devilish gains right there!

3 wallets bought a large amount of "Base is for everyone" before @base posted and sold them, making a profit of ~$666K.

0x0992 spent 1.5 $ETH($2,370) to buy 256.39M "Base is for everyone", and sold all for 108 $ETH($170.4K), making $168K.

0x5D9D spent 1… pic.twitter.com/1lrSydphxP

Base tried to put out the fire with a public statement on X. They admitted the token looked like it had their stamp of approval, but insisted it wasn't an official token for Base or Coinbase. Instead, it was part of a wild experiment on Zora to get content on-chain. They're all about exploring tools to share memes, moments, and culture openly, they said.

"If we want the future to be onchain, we have to be willing to experiment in public," the team declared. They also made it crystal clear that Base "will never sell these tokens" and that the whole thing was meant to fuel on-chain creativity and culture.

Base is posting on Zora because we believe everyone should bring their content onchain, and use the tools that make it possible.

Memes. Moments. Culture.

If we want the future to be onchain, we have to be willing to experiment in public. That's what we're doing.

To be clear,…

Despite the damage control, the crypto community was still fuming. Many felt Base had pulled a fast one and should've been more upfront before letting the token loose. Base keeps pushing their "contentcoins" experiment, but traders are wary, demanding more accountability from big players.

As of now, the "Base is for everyone" token is hanging in there with a $13 million market cap and a 24-hour trading volume of $37 million. The creator's raked in over $74,000 from trading and Zora's sweet creator rewards. But the question remains: can Base bounce back from this wild ride?