Three Wallets Snag ‘Base is for all tokens before the official announcement, which profiled $ 666k
Token debuts remain an unpleasant issue, often criticized for their poor implementation that allows individuals, as if armed with insider information about upcoming launch, to earn through front-running campaigns.
The latest example is the “Base is for all” token announced by Coinbase’s Ethereum Layer 2 Solution Base on Wednesday. Three crypto wallets bought tokens ahead of the official announcement in X, resulting in significant revenue, according to the blockchain sleuth lookonchain.
About 19:30 UTC on Wednesday, The base announced The debut of its token that is muted by Zora, an on-chain social network, empowering creativity by posting any content posted to its network on tradicular coins. The token quickly rose to a market capitalization of over $ 15 million, carrying significant acquisitions to at least three crypto addresses that gained coins before the official announcement to X.
“3 The purses buy a huge amount of“ base is for all ”before @base Posted and sold them, earn ~ $ 666K, ” Lookonchain said In X.
The Wallet Address 0x0992 invested 1.5 Ether (ETH), to buy 256.39 million token units at 12:30 PM UTC and sold the entire coin stash for 108 ETH following official announcement, which pocketed revenue of $ 168,000 in just one hour. The Wallet Address 0x5D9D invested 1 ETH ($ 1,580) and walked away with $ 266,000 income, and another address, labeled 0xBD31, made $ 231,800.
Token market capitalization has been detained at less than $ 2 million after it as base announced by another coin For its farcon poster, the sucking of liquidity from the base is for all tokens and leaving those who inserted late with great loss.
However, values have recovered since then, with the base capitalization of the base market is for all that leads the $ 18 mark as of writing, each data resource Dex Screener. Base creator Jesse Greenlighted the token, saying“The goal is to” normalize all on-chain content. “
The base has been posted only to Zora
Coinbase made it clear that the base is for all coins not official cryptocurrency of the base and Layer 2 does not sell them directly. “The base posted to Zora, which automatically tokenize the content,” Coinbase’s spokesman told CoinDesk.
The legal decline in Zora suggested the same, with the base also clarify its position in X, saying, it will not sell these tokens again.
“To be clear, the base will never sell these tokens, and it’s not official network tokens for the base, Coinbase, or any other related product. The content we share is creative, and we will continue to bring culture to the chain,” Base said.
Wealth impact
Fast boom-bust cycles in these smaller tokens often create a net negative impact of wealth, allowing a selected few to earn a lot as most of the face losses. This often leads to the flow of liquidity from the broader market of digital assets.
The larger the boom-and-bust cycles associated with these coins, the stronger the negative impact of wealth.
For example, this man’s debut of Libra and Trump tokens Destroyed Millions of investor wealth, marking a major price top price in bitcoin and the broader crypto market.
