Coinbase’s distances are base from the highly criticized Memecoin that has thrown $ 15m
The Crypto Exchange Coinbase turned away from the base of the blockchain network from a memecoin that it shared that saw a massive backlash after the token was quickly taken, then dropped to the value of millions of dollars.
Base Na -Post In X on April 16 with an image that promotes the network using the marketing tagline, “base is for everyone,” it also shared a link to a token of the same name in Zora, a Social Network which users can make posts on tokens for others to think.
In just one hour after it was created, the base was for all tokens that hit a peak market capitalization of $ 17.1 million – then dropped nearly 90% in the next 20 minutes at a market value of $ 1.9 million, Dex Screerr Data Shut up.
The token has since made a bit of recovery and traders around $ 7.7 million at the time of publication.
A Coinbase speaker has turned away Base From the token, cointelegraph said “the base did not launch a token.”
“This is not an official base token, and the base does not sell this token. The base posted to Zora, which automatically tokenize the content,” the speaker said.
The speaker taught a legal decline in the token zora Page That the base posts on the token made platform “are similar to those shared in X-unexpected income or return and no continuous development or effort to do to increase their value.”
The post added that the base will receive 10 million tokens out of a total supply of 1 billion it promises to never sell, and money made from fees Awards will be supported for network developers.
Zora showed the base gained more than $ 61,000 from the token, which saw a total trading volume of over $ 26 million.
Way -There are x posts have Punato Based on token, with an x user saying That “whatever credibility it has now is gone.”
Form Riot Platform Researcher Pierre Rochard Called The token is “awful for the industry, very short-term transactional acquisition.”
Ap collective founder abhishek pawa Says In X the base “tried to redefine the Memecoins as ‘Contentcoins’ and fully botched the implementation.”
“The main change really has the potential,” he added. “But the base is highly fumbled implementation, optics, and expectations of the entrepreneur, resulting in a fair backlash.”
Meanwhile, base creator Jesse Pollack, who posted to Zora to create twelve tokens over the past two months, defended Base creation of the token, which tells X that “someone needs to normalize the placement of all our content on the onchain. I’m not afraid to be us.”
She is added Creating a token for the Internet content is “the end of the game for how we can create a new economy where creators earn from their creativity,” which he said “need to overhang our mental models and product experiences.”
Token “horrifically sniped” and second launch of fizzles
Harrison Leggio, co-founder of Crypto startup G8KEEP, said the basis for all tokens “is scary to sniped.”
Leggio, who passed “pop punk” in X, said he found two addresses to buy 21% of token supply for 2 ether (Eth), currently costs about $ 3,200, before both wallets move tokens to other addresses and sell them for a toal income of about $ 300,000.
Related: Pump.Fun’s Pumpswap Dex processes $ 2.5b of goods last week, up to 40%
Only in 75 minutes after the base creation is for all token, base again Na -Post to Zora to promote its existence in a New York event next month – where also formed a related token.
Dex Screener Shut up That token, called “Base @ Farcon 2025,” reached a peak worth of $ 987,570 just the minute after its launch before it quickly dropped by nearly 77% to settle for a value of nearly $ 230,000.
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