Crypto exchange Coinbase has distanced its blockchain network Base from a memecoin it shared that saw massive backlash after the token rapidly gained, then dropped in value by millions of dollars.
Base posted to X on April 16 with an image promoting the network with its marketing tagline, “Base is for everyone,” it also shared a link to a token of the same name on Zora, a social network where users can make posts into tokens for others to speculate on.
In just over an hour after it was created, the Base is for everyone token hit a peak market capitalization of $17.1 million — then dropped by nearly 90% over the next 20 minutes to a market value of $1.9 million, DEX Screener data shows.
The Base is for everyone token’s market cap saw a slight recovery