Base, the Coinbase-backed layer-2 blockchain, is under fire after a meme token it highlighted crashed dramatically—just minutes after gaining traction—raising concerns across the crypto community.
On April 16, Base published a post on Zora, a decentralized social platform that transforms posts into tokens. The message, “Base is for everyone,” seemed harmless enough—until Base’s official X (Twitter) account echoed the post and linked directly to the newly launched token page. The token, named Base for everyone, skyrocketed to a $17 million market cap within minutes. But that excitement was short-lived—the value plummeted by 95%, wiping out more than $15 million and sparking a wave of backlash online.
Critics accused Base and, by extension, Coinbase, of fueling a risky meme coin frenzy. The crash was reportedly triggered by insiders—holding nearly half the total supply—who sold off massive amounts shortly after Base’s post drew public attention.
Blockchain analytics platform Lookonchain flagged three wallets that seemed to have insider access. These wallets bought in before Base’s announcement and exited with over $666,000 in profits.
In response, Base issued a public statement, clarifying that the token was never intended to be an official coin and was not affiliated with Coinbase. The post was part of an experimental project with Zora aimed at exploring “contentcoins”—a new way to bring memes and cultural moments on-chain.
“If we want the future to be onchain, we have to be willing to experiment in public,” Base explained in their post. The team emphasized they never sold any tokens and that the project was meant to foster creativity and on-chain expression—not profit-driven hype.
Despite the explanation, many in the crypto space were unconvinced. Critics say Base should have been more transparent from the beginning, especially given the token’s rapid rise and crash. Some are calling for greater accountability from major blockchain players when it comes to experimental releases.
As of the latest update, Base is for everyone has recovered slightly, boasting a $13 million market cap and $37 million in 24-hour trading volume. Meanwhile, the token’s creator has earned more than $74,000 in trading fees and Zora creator rewards.
The controversy has stirred an important debate: how far should blockchain platforms go in experimenting publicly—especially when real money and user trust are on the line?
