Base Launches Two Tokens; First Token Crashes, Then Rises 350%
Coinbase’s Base team launched two new tokens: “Base is for everyone” and “Base @ FarCon 2025.”
- The first token surged 962% to $0.017 before crashing, leading to allegations of being a scam.
- Rabby wallet flagged the first token as a scam. A trader holding 1% called it a “dumpster fire.”
- By Thursday morning, the price of the first token rose over 350% to $0.011, with a market cap of approximately $11.5 million.
- The second token increased over 7,000%, reaching a market cap of around $240,000.
- Both tokens were launched via Zora, which reported one of its highest revenue days due to these launches.
- Content coins are positioned between NFTs and memecoins, with utility depending on what is tokenized.
- Base creator Jesse Pollack defined content coins as representing specific pieces of content.
- Pollack suggested that concerns about financialization are often moralistic, citing a lack of negative impact from creators using these tokens.
- Base stated they will not sell these tokens and clarified they are not official network tokens.