Base: Coinbase Claims ‘Base’ Not a Token
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Remember Base? That second-layer blockchain for Ethereum, backed by Coinbase, that made a big deal about *not* having its own token? Well, things just got interesting. It seems Base has gone ahead and launched… a proprietary token.
The surprise announcement briefly sent things into rally mode – for about two hours, anyway. Then, the newly launched memecoin, cheekily named BASEISFOREVERYONE, experienced a truly spectacular faceplant, plummeting 88% in a mere two minutes.
But wait, there’s more. Around 4:30pm, someone, shall we say, lost interest. In a swift seven-minute move, the price nosedived again, this time crashing a whopping 94%.
Since then, it’s managed a bit of a bounce back, currently hovering just under $10.4 million.
Despite the token’s dramatic rollercoaster ride, Base decided against deleting their announcement tweet. Instead, they tried to reignite the hype around this, let’s be honest, pretty messy launch. Founder Jesse Pollak offered no apologies and just kept on trucking with his podcast tour, even retweeting some rather blame-y comments about crypto speculators learning a “valuable lesson.”
Coinbase, for their part, is maintaining a certain distance, stating that “Base did not launch a token.”
A spokesperson explained to Cointelegraph, “This is not an official Base token, and Base did not sell this token. Base posted on Zora, which automatically tokenizes content.” So, technically…
Base: No plans for a token
Since its beginnings in 2023, Base and its leadership have been pretty emphatic about *not* launching a token.
Back on November 30, 2024, Founder Jesse Pollak stated, point blank, “There are no plans for a Base network token.” Then again, on April 9th of this year, Pollack reiterated, “still no plans for a token.”
Coinbase themselves highlighted this promise prominently, announcing, “Please note that we do not currently plan to issue a new network token.”
And Coinbase CEO Brian Armstrong agreed, saying clearly, “We’re not planning to make any token for Base.”
Yet, all of that changed yesterday, sparking a wave of complaints from confused users.
Read more: ‘Secret’ Coinbase, Binance listing fees spark heated debate
Technically speaking, this new proprietary token, launched and promoted from their main social media, isn’t a “network” token like one used for gas fees. It’s a memecoin, pure and simple.
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