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The volatile world of memecoins has claimed another headline—this time dragging in one of the biggest names in crypto. Coinbase, via its Ethereum Layer 2 network Base, found itself in the crosshairs of community outrage after the surprise launch and subsequent crash of a memecoin titled “Base is for everyone.”
The token, which many mistakenly believed had an official connection to Base due to its appearance on Coinbase-linked platforms and social media, saw its market cap skyrocket to over $17 million—only to crash by nearly 90% in under 30 minutes. The chaos that followed revealed serious gaps in community understanding of how on-chain content gets tokenized, as well as deeper concerns about how platforms like Base handle visibility and influence.
What Exactly Was the Memecoin?
“Base is for everyone” wasn’t a standard token launch. Instead, it originated from a promotional post shared by Base’s official account on X (formerly Twitter) on April 16, 2025. The post used a now-infamous tagline, linking to the content platform Zora, where the message was automatically tokenized into an NFT—a feature of Zora’s protocol that turns every post into a tradable digital asset.
Soon after the post went live, a token with the same name—“Base is for everyone”—began trading on the Base chain, accompanied by assumptions that it was officially endorsed or affiliated with Coinbase or its Layer 2 infrastructure. The token’s value surged in minutes as early traders rushed in, pushing its market capitalization to $17.1 million.
However, the hype was short-lived. Within 20 minutes, the market cap plunged to $1.9 million, wiping out millions in speculative value. While it later recovered slightly to around $7.7 million, the damage to trust and sentiment was already done.
Coinbase Responds: “We Didn’t Launch a Token”
As community backlash intensified, Coinbase issued a clarification, distancing itself from the memecoin. A company spokesperson explained that Base had not launched or endorsed any token, including “Base is for everyone.” The spokesperson also clarified that the link in the post directed users to Zora, where the tokenization of posts into NFTs occurs automatically and independently.
“Base did not launch a token. Zora automatically tokenizes on-chain posts and adds disclaimers that these tokens have no financial expectation,” the spokesperson said.
Despite the explanation, the response did little to calm the waters—especially for users who had interpreted the post as a signal of legitimacy. Many argued that an official account with Coinbase ties promoting a specific slogan, linked to a token page, inherently gave the impression of endorsement—even if unintentionally.
Sniping and Speculative Frenzy
Adding fuel to the fire, blockchain sleuths quickly identified wallet activity suggesting early insider-style trades. Two addresses were seen acquiring over 21% of the token’s total supply shortly after launch for just 2 ETH (around $3,200)—only to dump the tokens for an estimated $300,000 in profits during the height of the frenzy.
This phenomenon, known as “sniping,” has become common in the memecoin space. It involves traders using bots or manual speed to acquire large shares of a new token’s supply before retail users can react. While technically legal, it creates an uneven playing field and often leads to brutal pump-and-dump cycles.
In this case, the token’s dramatic rise and fall mirrored many failed memecoins of the past—leaving latecomers holding nearly worthless tokens, while early actors cashed out.
Jesse Pollak Defends the Vision
Following the crash, Jesse Pollak, the creator of Base and a prominent voice within Coinbase’s developer ecosystem, took to social media to defend the experiment. He explained that the purpose of the original Zora post was to demonstrate how on-chain content can be tokenized, allowing creators to earn from engagement, ownership, and community-driven value.
Pollak acknowledged that the execution may have confused users but insisted that this kind of experimentation is part of building a new, creator-led internet economy.
“We’re still early. Our mental models and product designs are playing catch-up,” Pollak tweeted. “But the vision remains clear—crypto empowers creators.”
However, many in the crypto space argued that Coinbase and Base, given their influence and user base, must be more cautious and transparent when engaging in on-chain promotional content—especially when it can be interpreted as financially significant.
Community Reactions: Trust vs. Transparency
The fallout was swift. Numerous users criticized Base and Coinbase for irresponsible messaging, suggesting that they should have known how the post would be interpreted in a highly speculative environment. Others were frustrated by the lack of safeguards on platforms like Zora that allow any tokenized content to trade freely—without clear warnings or vetting mechanisms.
Some supporters defended Base’s approach, noting that experimentation is vital to the evolution of Web3 and that the community must also take responsibility for blindly chasing profits in ambiguous projects.
Regardless of perspective, the incident exposed a significant gap in user education, platform governance, and content-token dynamics on decentralized networks.
Broader Implications: Tokenization Meets Responsibility
This controversy is emblematic of a larger issue in crypto right now: the blurry line between content and financial products. As more social platforms integrate on-chain mechanics—whether it’s tokenized tweets, meme NFTs, or real-time tipping—the potential for confusion and exploitation grows.
For platforms like Base, which are backed by reputable institutions like Coinbase, the responsibility to communicate clearly and avoid unintentional financial signaling is even greater.
If decentralized networks are to scale and onboard millions of users, they must figure out how to balance openness with safeguards, and innovation with education.
Conclusion
The “Base is for everyone” memecoin episode may have started as a branding experiment, but it quickly turned into a cautionary tale. With millions of dollars in market value wiped out in minutes and a confused, frustrated community left behind, Coinbase and Base are learning the hard way how powerful—and dangerous—on-chain visibility can be.
As memecoins, tokenized content, and creator-led economies continue to collide, the industry must find smarter ways to ensure that enthusiasm doesn’t outpace understanding.
This article reflects the opinions of the publisher based on available information at the time of writing. It is not intended to provide financial advice, and it does not necessarily represent the views of the news site or its affiliates. Readers are encouraged to conduct further research or consult with a financial advisor before making any investment decisions.
