A recent token listing unofficially linked with crypto-exchange Coinbase created a huge controversy among the crypto community. A 16th April X post by Coinbase’s layer 2 network, Base, had a simple caption on it that went ‘Base is for everyone’.
This was followed by another post that read “just coin it”, which was linked to Zora, a platform that makes tokens out of content. An ERC-20 token titled ‘Base is for everyone’ was created on Zora soon after, due to the nature of the platform. This sparked a buying frenzy for the token.
The ‘Base is for everyone’ token quickly reached $17 million in market cap, according to DexScreener. At the time of reporting, the token had a market cap of $11.9 million with a price of $0.01196.
According to Cointelegraph, a spokeswoman for Coinbase said: “This is not an official Base token, and Base did not sell this token. Base posted on Zora, which automatically tokenizes content.”
Hundreds of replies to the original post, which led to the token creation, were critical of Coinbase for the Zora-enabled creation of this token.
Blockchain analytics firm Lookonchain noted that in the trading frenzy, only three wallets supposedly made substantial profits from the buying mania.
As the situation continues to develop, readers may find more clarity in a disclaimer listed on the token’s Zora page, which states: “This and future coins on Zora are not an official network or protocol token for Base, Coinbase, or any other related product. They are created solely for artistic and cultural purposes as collectibles, not as investments or financial instruments. Base ‘posts’ are similar to those already shared on X – do not expect profits or returns and no ongoing development or efforts will be made to increase their value.”