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JR.Verse

04/29 17:29

Coinbase Distances Base from Viral Meme Coin

Coinbase’s Layer 2 network, Base, intended to spark a cultural wave, but instead ignited controversy and outrage after what many perceived as an official endorsement of a meme coin went awry.

It all began with a seemingly innocuous tweet from Base’s official X account: “Base is for everyone.”1744886909-image-1744886884616_optimized.jpg
Shortly after, a follow-up post stating “coined it” included a link to a token minted on Zora, making the post itself tradeable as a coin.

What followed was a breathtaking sequence of events that saw the token’s market cap skyrocket to $17.1 million, then crash nearly 94% within minutes.

Despite disclaimers that the token was not an official product of Coinbase or Base, the market interpreted the endorsement differently.


On-chain sleuths quickly identified red flags: top wallets hoarded nearly half the token’s supply, and within moments of its meteoric rise, the whales dumped their bags, triggering a crash that wiped out millions in value.

Over 2,500 wallets were affected by the fallout, many belonging to retail investors who had believed the token had Coinbase’s implicit backing.

Hantao Yuan, an on-chain analyst, reported that one wallet alone controlled over 25% of the supply.
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