Cryptocurrency exchange Coinbase has announced that it is distancing itself from the Base is for everyone token after its rapid rise and subsequent fall. A Coinbase spokeswoman said the platform did not launch the token or sell it.
Base is for everyone tokens were created on the Zora platform, which automatically tags content.
Reaction to the token
The token had barely hit the market before its market cap soared to $17.1 million. However, its value has since fallen by almost 90%. At the time of publication, the token is trading at around $7.7 million.
Hundreds of social media posts criticize the token. Experts and traders are actively discussing the case.
Expert opinions
Pierre Rochard called the token “terrible for the industry” and emphasized that it is “very short-term for extracting transactions.” Abhishek Pavla noted that the Base project misjudged the execution and traders’ expectations.
However, Jesse Pollack defended the creation of the token. He stated the need to normalize the placement of content on the blockchain.
Token issues
Harrison Leggio reported that the token was hacked. He found two addresses that bought 21% of the supply for 2 ether.
The second launch of the token at an event in New York was also unsuccessful. The token peaked at $987,570, after which it quickly depreciated by almost 77%.
