Base, Coinbase’s Layer-2 network, recently made waves by promoting a meme coin via its official @Base X account with the tagline “Base is for everyone.“
What followed was a dramatic rise and fall, highlighting the volatility of such projects.
Base Is For Everyone Meme Coin
- Initial Hype and Surge: The promotional post triggered a frenzy, driving the meme coin’s market cap to over $17 million within hours, with a 24-hour trading volume of $27 million.
- Sharp Decline: The excitement quickly faded as the market cap crashed over 95%, dropping to a low of $623,000 in a single candlestick.
- Partial Recovery: Per the latest data, the market cap has since rebounded to around $8 million, with over 4,000 holders, as shown in the price chart.
- Concentration Risks: Concerns arose as the top three wallets hold 47% of the total supply, suggesting potential market manipulation.
- Base’s Stance: Base clarified that this was a “public experiment” with no token sales intended, aiming to test community engagement.
- Community Backlash: The X community criticized the lack of risk management, especially after a wallet holding 10% of the supply sold off, contributing to the crash and leaving many small investors at a loss.
This episode underscores the high risks of meme coins. Investors should approach such experiments with caution and thorough research.
Trade Base is for everyone on MevX now!
- Web: https://mevx.io/@homepage
- Telegram: https://t.me/Mevx?start=homepage
