{"id":23125,"date":"2025-04-17T11:39:18","date_gmt":"2025-04-17T08:39:18","guid":{"rendered":"https:\/\/forklog.com\/en\/base-criticised-for-supporting-collapsed-token\/"},"modified":"2025-04-17T11:39:18","modified_gmt":"2025-04-17T08:39:18","slug":"base-criticised-for-supporting-collapsed-token","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/base-criticised-for-supporting-collapsed-token\/","title":{"rendered":"Base Criticised for Supporting Collapsed Token"},"content":{"rendered":"<p>The Layer 2 network Base has come under fire following the collapse of the token Base is for everyone. Initially launched as an experimental content coin, it saw a sharp rise in price before losing 95% of its value.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Base is for everyone. <a href=\"https:\/\/t.co\/gq3lLLuXO1\">pic.twitter.com\/gq3lLLuXO1<\/a><\/p>\n<p>\u2014 Base (@base) <a href=\"https:\/\/twitter.com\/base\/status\/1912584945127813533?ref_src=twsrc%5Etfw\">April 16, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On March 16, Base <a href=\"https:\/\/zora.co\/coin\/base:0xd769d56f479e9e72a77bb1523e866a33098feec5?referrer=0x9652721d02b9db43f4311102820158aBb4ecc95B\">published<\/a> the message &#8220;Base for everyone&#8221; on Zora, a blockchain-based social network that automatically converts posts into tokens. The coin later received support from the network&#8217;s official account on X.<\/p>\n<p>The post sparked a wave of interest, and the asset&#8217;s market capitalisation reached $17 million. However, the price soon plummeted, leading some users to accuse Base of orchestrating a Pump &#038; Dump scheme.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"421\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/dexscreener.com_Base-is-for-everyone_WETH_2025-04-17_11-03-35-1024x421.png\" alt=\"dexscreener.com_Base-is-for-everyone_WETH_2025-04-17_11-03-35\" class=\"wp-image-256834\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/dexscreener.com_Base-is-for-everyone_WETH_2025-04-17_11-03-35-1024x421.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/dexscreener.com_Base-is-for-everyone_WETH_2025-04-17_11-03-35-300x123.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/dexscreener.com_Base-is-for-everyone_WETH_2025-04-17_11-03-35-768x316.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/dexscreener.com_Base-is-for-everyone_WETH_2025-04-17_11-03-35.png 1194w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute chart of Base is for everyone. Data: <a href=\"https:\/\/dexscreener.com\/base\/0x06d7874037e622d6ef42294cf32eb259806cb1c6\">DEX Screener<\/a>.<\/figcaption><\/figure>\n<p>Abhishek Pawa, head of AP Collective, stated that the price drop was due to major players controlling 47% of the supply.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">base just had a major rug pull, here&#8217;s what went down ?<\/p>\n<p>what happened<\/p>\n<p>\u2192 official base twitter promoted memecoin &#8220;base is for everyone&#8221;<br \/>\u2192 immediate speculative frenzy, token pumped rapidly from launch to ~$15-20M market cap<br \/>\u2192 top 3 holders held 47% of supply, quickly dumped\u2026 <a href=\"https:\/\/t.co\/iROD2tKWvX\">pic.twitter.com\/iROD2tKWvX<\/a><\/p>\n<p>\u2014 Abhi (@0xAbhiP) <a href=\"https:\/\/twitter.com\/0xAbhiP\/status\/1912617612779102689?ref_src=twsrc%5Etfw\">April 16, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He added that the support from Base, associated with Coinbase, &#8220;significantly undermined&#8221; community trust.<\/p>\n<p>Researchers at Lookonchain discovered that three wallets purchased a large amount of Base is for everyone tokens before the project received official endorsement from Base. They later sold the assets for a total profit of approximately $666,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">3 wallets bought a large amount of &#8220;Base is for everyone&#8221; before <a href=\"https:\/\/twitter.com\/base?ref_src=twsrc%5Etfw\">@base<\/a> posted and sold them, making a profit of ~$666K.<\/p>\n<p>0x0992 spent 1.5 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>($2,370) to buy 256.39M &#8220;Base is for everyone&#8221;, and sold all for 108 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>($170.4K), making $168K.<a href=\"https:\/\/t.co\/1QSP9LDMF8\">https:\/\/t.co\/1QSP9LDMF8<\/a><\/p>\n<p>0x5D9D spent 1\u2026 <a href=\"https:\/\/t.co\/1lrSydphxP\">pic.twitter.com\/1lrSydphxP<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1912691582043930942?ref_src=twsrc%5Etfw\">April 17, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Representatives from Base stated that the token was automatically issued by the Zora platform, not launched by the company itself.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Base is posting on Zora because we believe everyone should bring their content onchain, and use the tools that make it possible.<\/p>\n<p>Memes. Moments. Culture.<\/p>\n<p>If we want the future to be onchain, we have to be willing to experiment in public. That\u2019s what we\u2019re doing.<\/p>\n<p>To be clear,\u2026<\/p>\n<p>\u2014 Base (@base) <a href=\"https:\/\/twitter.com\/base\/status\/1912644784461869305?ref_src=twsrc%5Etfw\">April 16, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The token&#8217;s description emphasised that it was not affiliated with Base or Coinbase, and purchases were only possible for entertainment purposes with a high likelihood of financial loss.<\/p>\n<p>Despite the sharp decline, the token&#8217;s market capitalisation has nearly recovered and, at the time of writing, stands at approximately $15.4 million, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/base-is-for-everyone\">CoinGecko<\/a>. Base is for everyone is trading at $0.0153 (-5.8% over the past day).<\/p>\n<p>Back in February, Base <a href=\"https:\/\/u1f987.com\/en\/news\/base-to-boost-mainnet-speed-tenfold-with-flashblocks\">implemented<\/a> Flashblocks technology in its testnet, reducing block creation time from two seconds to 200 milliseconds.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Layer 2 network Base has come under fire following the collapse of the token Base is for everyone. Initially launched as an experimental content coin, it saw a sharp rise in price before losing 95% of its value. Base is for everyone. pic.twitter.com\/gq3lLLuXO1 \u2014 Base (@base) April 16, 2025 On March 16, Base published [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1321,596],"class_list":["post-23125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-base","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"36","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/23125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=23125"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/23125\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/23124"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=23125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=23125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=23125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}