- Activity on Zora exploded with a 601% increase in daily traders following Base’s token creation campaign.
- Critics question the timing of Zora’s token launch, suggesting coordination with Base’s campaign, though Pollak claims it was coincidental.
Social media platform Zora announced it will launch its own token on Wednesday, April 23, just days after Base chain founder Jesse Pollak sparked widespread attention through a “content coin” campaign. The platform, which automatically converts user posts into tokens on Coinbase’s Base Blockchain, made the announcement as trading activity on its network reached unprecedented levels following Pollak’s promotion.
The situation began last Wednesday when Base’s official X account created a token on Zora called “Base is for everyone,” which quickly reached a $16.9 million market cap before crashing 92% to $1.3 million within just two hours. According to Dune data, Zora saw daily traders increase by 601%, jumping from 40,638 the day before Base’s campaign to an all-time high of 284,931 by Sunday.
Controversy Over Timing
The timing of Zora’s token announcement raised eyebrows in the crypto community, with many questioning whether it was strategically planned to capitalize on the surge in activity. Pseudonymous trader IcoBeast posted on X: “I’m sure it is a coincidence that Zora is [launching its token] less than a week after the ‘coin everything’ hard shill campaign.”
Pollak has firmly denied any coordination, stating that “the Zora team didn’t know we were coining anything until after it happened.” He explained that while the campaign’s execution happened quickly, the concept had been under consideration for some time. Pollak has been promoting content coins as a solution to fairly compensate creators, a stance that has now become Base’s official position.
Investment Connections
Adding to the controversy, CryptoRank data revealed that Coinbase participated in at least two funding rounds for Zora totaling $52 million, though the exact investment amount remains unclear. Zora’s tokenomics show that 45% of the supply will go to the team and strategic contributors, which many believe includes Coinbase.
Critics like crypto gaming content creator Jesus Martinez suggested that “Base is for everyone was actually just a marketing stunt to pump a token they invested into.” However, others in the community have expressed support for the initiative, seeing it as an innovative approach to social media monetization.
Neither Pollak, Base, nor Coinbase responded to requests for comment on the matter. The token launch will proceed as scheduled, with Zora’s second snapshot capturing the recent surge in platform activity.
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