What's happening now...

Be Safe.

Initial Surge and Crash:

The meme coin, promoted via Base's official Twitter account, saw its market cap skyrocket to $17.1 million within hours. However, the excitement was short-lived as the price crashed by nearly 90% within 20 minutes due to large holders selling off their positions.

Coinbase's Clarification:

Coinbase clarified that Base did not officially launch or endorse the token. The token was created on the social network Zora, which allows users to tokenize social posts for speculation. Coinbase emphasized that the posts on Zora were automatically tokenized and did not represent an official offering.

Community Reaction:

The incident sparked significant backlash from the community. Critics argued that the event eroded Base's credibility and highlighted the risks associated with meme coins. Some viewed the token as detrimental to the crypto industry, while others criticized the execution of the concept.

Market Dynamics:

This event underscores the volatility and risks inherent in meme coins, especially those driven by social media hype and large holders' actions. The rapid rise and fall of such tokens can lead to significant financial losses for small investors.