chooseviolence

So Base launched a token with zero support from @coinbase (as always) and rugged within a day?

This company can’t help but run itself into the ground. I’m sure some Charlie Lee type excuse is coming, “we had to sell all of our free tokens we created because we’re an impartial business (that strictly enjoys fucking over customers)”

No they didn’t sell. The coin dumped initially bc they coined a second image shortly after. But it’s since recovered and made a new ath

Didn’t think they literally rugged, meant more of a dereliction of duty. A “crypto native” company that has been around as long as CB should know not to launch coins back to back like that (especially after the Trump/melania saga earlier this year). Further, $16m market cap for base token is embarrassing. If they’d launch it the right way it’s easily 10-100x higher, but of course they would never do that

Tbd what happens to token value, but if they’d write a smart contract, airdrop a nominal amount and have an actual plan have a hard time believing it wouldn’t teleport to 9 figures instantly

yea agree it was poor and out of touch execution on their end. i don't think 16m is actually that bad tho, the implicit expectation is they're going to keep doing this so the valuation is going to get suppressed as a result