Base Tokens Spark 962% Surge, 7,000% Gain, Amid Crypto Debate

Coinbase’s Base team introduced two tokens on Wednesday afternoon, sparking a mix of reactions from the crypto community. The first token, named “Base is for everyone,” experienced a dramatic price surge of 962%, rising from $0.0016 to $0.017 before abruptly crashing. This sudden drop led to allegations of a “scam” or “rugpull,” with some traders expressing their frustration. One trader, who claimed to hold 1% of the token’s supply, described the situation as a “dumpster fire.”

Rabby, a crypto wallet, even labeled the first Base token as a scam token on its interface to warn traders. However, by Thursday morning, the token’s price began to recover. The “Base is for everyone” token climbed over 350% to $0.011, with a market cap of roughly $11.5 million. The second token, “Base @ FarCon 2025,” saw an even more significant increase, rising over 7,000% in the past day, although its market cap was around $240,000.

Both tokens were launched via the social crypto platform Zora, where every post is considered a “memecoin.” Base chose Zora because it aligns with its vision of tokenizing everything. The launch resulted in one of Zora’s highest revenue days ever. However, the nature of these “content coins” remains a topic of debate. Some view them as memecoins rebranded, while others see them as a hybrid between NFTs and memecoins, depending on their utility and the content they represent.

Base creator Jesse Pollack believes content coins are fundamentally different. He defines a content coin as one that represents a single piece of content and is created with the expectation that the coin is the content and vice versa. Pollack argues that content coins can be a way for creators to go viral and that the financialization of content does not necessarily have negative downstream impacts. He also noted that the Base account clarified that these tokens are not official network tokens for Base, Coinbase, or any related product, and that the content shared is creative and meant to bring culture onchain.

Despite the volatility and mixed reactions, the launch of these tokens highlights the ongoing experimentation and innovation within the crypto space. While some content coins may soar in price, others are likely to crash and burn, similar to the fate of other cryptocurrencies. The Base team’s approach reflects a willingness to experiment in public, aiming to shape the future of onchain content and culture.