Zora

Three wallets record an astonishing return on investment on the newly created token “Base is for everyone” amid widespread criticism.

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Despite a mildly recovering crypto market, profit-hungry investors are still on the lookout for the next big meme coin to ape into and chase elusive gains.
The accuracy of this statement is evident in the instant traction from a new token created on Zora, an on-chain social platform that converts posts to contentcoins, despite past events from the LIBRA token.

For context, Base made an official post on the X platform on Wednesday with the caption “Base is for everyone.” A moment later, the Coinbase-affiliated layer 2 network noted it has “coined it” on Zora, sparking a market frenzy.

Market Users Ape into Token
The token instantly gained traction, with users pushing its market value first to $17 million. However, the token crashed over 90% as traders began to take profit before recovering massively to hit $22.48 million. At the time of writing, DEXScreener shows the asset boasts a market cap of $14 million, and its price per coin is $0.01541.
Notably, as the token creators, Base received one million of the “Base is for everyone” tokens (1% of the total supply). The platform clarified that it does not intend to sell the stash but insisted it was not an official network token for Base. At the time of writing, Base has generated over $72,500 as the token’s creator.
Three Wallets Record Staggering Gains
Despite the skepticism surrounding the token, a few users made substantial returns on investments from the meme coin. However, the activities of three wallets caught the eye of the on-chain analytical platform Lookonchain.

The on-chain tracker disclosed that three wallets made insider moves on the token, turning their meager inputs into astonishing returns. 

For context, wallet address “0xO992” bought 256.4 million “Base is for everyone” tokens with 1.5 ETH ($2,370) before Base posted the token on X and sold it a few minutes later for 108 ETH ($170,400). The sniper purchase saw the address make $168,000, an impressive 7,090% uptick.
Further, the second address, “0x5D9D,” used 1 ETH worth $1,577 to buy 82.86 million of the token before the announcement, reselling it for 169.7 ETH ($267,600) when the price surged. In addition, the third wallet also turned $1,577 into $233,400, recording a 14,700% gain.

Meanwhile, Base has received widespread criticism over the token launch, with users claiming it rugpulled investors. For instance, a user claimed that over 2,500 holders, who are potentially new Base users, lost their resources to the token. Furthermore, he criticized the coin’s tokenomics, as three wallets held 47% of its total supply.
However, Base has defended the launch, stressing it was an experiment. The protocol also urged critics to normalize them bringing contents on-chain, arguing that it is the future.

DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect LACHAKARI Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. LACHAKARI Crypto is not responsible for any financial losses.
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