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Base's Meme Coin Promotion Leads to 99% Loss in 4 Hours

Coin WorldWednesday, Apr 16, 2025 6:04 pm ET
1min read

Coinbase’s Layer 2 network, Base, has come under intense scrutiny following an alleged pump and dump scheme that resulted in significant financial losses. The incident began when the official Twitter account of Base promoted a meme coin titled “Base is for everyone.” This endorsement triggered a speculative surge, driving the token’s market cap to an estimated $15 to $20 million within hours of its launch. However, the token quickly plummeted to near zero, leaving many investors with substantial losses.

The promotional tweet from Base, which included imagery and direct links to the meme coin on Zora, created a perception of legitimacy. Traders, drawn by the endorsement, rushed to invest, leading to an explosive rally in the token’s price. This was followed by an equally sharp collapse, confirming a classic pump and dump scenario. The token’s value fell by more than 99%, and trading volumes on Uniswap surged past $13 million during the brief window of activity.

Within a single 4-hour trading window, a green candle representing millions in inflow was immediately reversed by a red candle of equal size, marking a total loss of liquidity. This event has sparked massive outrage against both coinbase and Base. Crypto influencers have criticized the incident as a failure of due diligence and communications strategy. Accusations of incompetence and poor risk oversight are spreading rapidly on social media, while memes mocking the network’s “Base is for everyone” slogan are ubiquitous.

Base has yet to provide an official response to the incident. The lack of communication has further fueled the public’s frustration and concern over the network’s reliability and security. The incident highlights the risks associated with investing in meme coins and the importance of thorough due diligence in the cryptocurrency market. It also underscores the need for clearer guidelines and regulations to prevent such schemes from occurring in the future.

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2strange4things
04/17
@cubie @simon58 @judgeyoung2 @jenbunn @Ollip @EBE_Day @ribbey @TraderRapp @lukenight @twincam $coin if that’s selling then whale is taking a big risk crypto has been holding strong risk is definitely to the upside whale didn’t hedge with a higher strike call to protect their short 🤔
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Funny-Rough-9435
04/17
@2strange4things What’s your take on meme coins now? Ever been burned like this before?
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Conscious_Shine_5100
04/16
What a dump! 😂 Reminds me of that time $TSLA had a similar rollercoaster.
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SQUIDWARD_TENISBALL
04/16
@Conscious_Shine_5100 Whoa, that's one wild ride 🚀. Next thing you know, we'll be YOLO-trading meme coins on the moon.
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Mean_Dip_7001
04/16
Legit concerns about Base's oversight. Feels like they opened the floodgates without a lifeline.
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alecjperkins213
04/16
Meme coins got the best of 'em. Always DYOR, folks. Don't get rekt chasing rainbows.
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Ok_Secret4642
04/17
@alecjperkins213 💸
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mrpoopfartman
04/16
Meme coins = rollercoaster for retail traders
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SomeSortOfBrit
04/16
What a dump! 😂 Should've done DYOR instead of diving in headfirst like a noob.
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Bitter_Face8790
04/16
Base's promo was YOLO investing on steroids.
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Jera_Value
04/16
HODLing $COB for long-term gains, not meme vibes
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SmallVegetable4365
04/16
@Jera_Value How long you planning to HODL $COB? Any price targets?
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Ok_Manufacturer2112
04/16
Damn!!the block option data in COIN stock saved me much money!
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