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Base faces backlash after meme token launched via Zora crashes 95% before recovering.
On Apr. 16, Base made a post on Zora, an on-chain social app that automatically turns posts into tokens. The post said, “Base is for everyone.” Minutes later, the official Base X account shared the same message with a reply linking to the Base for everyone token page on Zora. The token surged quickly, hitting a $17 million market cap. But it soon plunged by 95%, wiping out over $15 million in value.
Despite this, many in the crypto community felt misled. Some said Base should have communicated more clearly before the token went live. Base continues to post about “contentcoins,” its experiment in tokenizing digital content. However, many traders remain skeptical, calling for more responsibility from major platforms.
Current market cap is $16.19 million. 2 replies
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