He shared a post from his Base X account, which is the layer 2 network of Coinbase, the largest cryptocurrency exchange in the United States. “Base is for everyone,” he wrote in his post. He also shared a link to a token of the same name on Zora, a social network where users can convert their posts into tokens. The memecoin named “Base is for everyone” experienced a huge jump after Base's official X account shared a post, but then crashed. According to DEX Screener data, just an hour after its creation, the “Base is for everyone” token reached a market value of $17.1 million. However, this did not last long. The token fell by about 90% in a very short time, just like its rapid rise, to a market value of $1.9 million. However, the token is on the rise again. Because the Base network stated in its statement that the memecoin named “Base is for everyone” is not an official Base token and that Base has not released a token. “Base did not issue a token. This is not an official Base token and Base did not sell this token. Base made a post whose content was automatically tokenized on Zora,” a Coinbase spokesperson said in a statement. Base X also shared a post about the incident on its account. It was stated that the token named “Base is for everyone” was not an official Base token and was not sold. “At Base, we share on Zora because we believe everyone should bring their content on-chain and use the tools that make it possible. Memes. Moments. Culture. If we want the future to be connected, we must be willing to experiment in the public sphere. That's what we're doing. To be clear, Base will never sell these tokens and they are not official network tokens for Base, Coinbase, or any other related product. We will continue to bring the content creators and culture we share to the chain.” Zora started out as a platform where artists would drop NFTs and collectors would mint them like regular NFTs. However, a brand new mechanism was recently introduced. Instead of initiating an NFT contract, it now creates a token for each post. At this point, Zora has become a social network where every post is a memecoin. *This is not investment advice. Continue Reading: Coinbase's Base Network Shared, a Memecoin Pump Dump Happened!
