- Coinbase-backed Base faced backlash after its meme coin crashed 90% shortly after launch, raising concerns of insider trading and poor execution.
- Though Base called it a creative experiment, the community criticized the move as careless and damaging to trust
In a crypto experiment gone sideways, Coinbase-backed blockchain Base is under fire after its meme coin, Base is for Everyone, nosedived 90% within minutes of launch. What was billed as a playful public test quickly spiraled into controversy, with critics accusing Base of poor planning, insider advantages, and damaging the network’s credibility.
It all started on April 16 when Base posted a teaser on X, linking to the newly launched token on Zora, a platform that allows users to mint content as tokens. Within an hour, the coin’s market cap skyrocketed to $17.1 million—only to collapse to around $623,000 shortly afterward.
Also read: XRP Hits Historic High: Outperforms Ethereum (ETH) for Six Consecutive Months
Adding fuel to the fire, blockchain analysts revealed that three wallets controlled nearly 50% of the total token supply. Two addresses alone reportedly scooped up 21% of the tokens early and walked away with $300,000 in profit. To many, this looked less like a decentralized experiment and more like a pump-and-dump scheme.
In response to mounting criticism, Base released a statement framing the launch as a “public experiment” aimed at exploring how internet culture—like memes—could live permanently on-chain. The team clarified that the tokens were unofficial, not investment products, and would never be sold by Base.
But the crypto community wasn’t buying it.
“This could’ve been a cool idea,” one developer commented. “But the execution made it look like a cash grab.” Others accused Base of using its reputation to push a poorly managed stunt that harmed retail traders.
To make matters worse, a second similar token launched shortly after met the same fate—another sharp crash, more shaken trust.
The fiasco raises deeper concerns about how projects in Web3 test new ideas. While innovation often thrives on experimentation, the Base is for Everyone debacle highlights the need for transparency, fairness, and foresight when launching anything that involves real money and community participation.
For Base, the damage is already done. The question now: can trust be rebuilt, or is this a stain the network won’t shake off anytime soon?
