Crypto exchange Coinbase has distanced its blockchain network Base from a memecoin that faced backlash after a rapid rise and fall in value. Base shared an image promoting the network on April 16 with the tagline 'Base is for everyone' and a link to a token on Zora. The token quickly reached a market cap of $17.1 million before plummeting by 90% to $1.9 million. Despite a partial recovery to $7.7 million, Coinbase clarified that Base did not launch or sell the token. Base's posts on Zora automatically tokenize content, with a disclaimer stating no profit expectations. Base will receive 10 million tokens and use fees to support network grants. The token has generated over $61,000 for Base, sparking criticism and concerns within the industry. Base creator defended the token as a step towards a new economy for creators, despite backlash and controversy. Read more AI-generated news on: https://app.chaingpt.org/news