- Base Blockchain‘s surprise launch of a memecoin called “BASEISFOREVERYONE” crashed 88% within two minutes, then plummeted further by 94%.
- Coinbase and Base executives previously stated multiple times they had “no plans” for a token, contradicting this launch.
- Coinbase has distanced itself from the token, claiming “Base did not launch a token” despite the announcement coming from Base’s official account.
Base, the Ethereum layer-2 blockchain backed by Coinbase, surprised the crypto community by launching a proprietary token called "BASEISFOREVERYONE" despite previous assurances it would never do so. The memecoin experienced a brief two-hour rally following its announcement before crashing dramatically – dropping 88% within just two minutes. The situation worsened at 4:30pm when the price plummeted another 94% in seven minutes, before eventually rebounding to a market value of approximately $10.4 million.
Despite the catastrophic price action, Base maintained its announcement on social media and attempted to regenerate enthusiasm for the failed launch. Jesse Pollak, Base’s founder, made no apologies and continued his scheduled podcast appearances while retweeting messages that criticized crypto speculators for participating.
Coinbase has attempted to distance itself from the situation. A spokesperson told Cointelegraph, "This is not an official Base token, and Base did not sell this token. Base posted on Zora, which automatically tokenizes content."
Broken Promises: The “No Token” Pledge
Since Base launched in 2023, its leadership has repeatedly assured users they would never introduce a token. As recently as November 30, 2024, Pollak stated, "There are no plans for a Base Network token." He reiterated this position on April 9, 2025.
The promise was echoed by Coinbase’s official help documentation, which stated, "Please note that we do not currently plan to issue a new network token." Brian Armstrong, Coinbase CEO, confirmed this stance, saying, "We’re not planning to make any token for Base."
Technical Loophole?
Coinbase appears to be arguing a technical distinction – while they promised no "network token" (one used for gas fees or network operations), what they launched was technically a "memecoin" with no utility function. This distinction has not satisfied users, who flooded Base’s announcement with hundreds of complaints.
The incident raises questions about transparency in the cryptocurrency industry. Base’s token launch directly contradicted repeated assurances from the project’s leadership, even as the company now attempts to minimize its connection to the token that was promoted through its official channels.
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