In a move that caught everyone off guard, Base’s official X account tweeted “Base is for everyone” and then “coined it,” linking to Zora and auto‑minting the post as an ERC‑20 token on the Zora platform. The new “Base is for everyone” token rocketed to a $17 million market cap within minutes before plunging over 90 percent in under an hour. It has since rebounded to roughly $13 million, illustrating the wild volatility of on‑chain content tokens.

Insiders Dump 47% Supply, Retail Gets Rugged

Blockchain analysis revealed that three wallets held nearly half of the token supply, dumping their holdings early for combined profits exceeding $666,000. On‑chain data suggests about 2,500 possibly new Base users were left with heavy losses after chasing the pump.

Base Defends “Contentcoin” Experiment

Base and Coinbase swiftly distanced themselves from any official token launch, explaining that Zora’s system automatically tokenizes any content and that this was purely an experimental “contentcoin” drop, not a formal memecoin issuance. The team argues trials like this are essential to bringing memes, moments, and culture on‑chain—even if they can get messy in practice.

Watch my full breakdown in the video below!