Some community members noted that the token was “HORRIFICALLY sniped,” while on-chain data analytics platform Lookonchain highlighted that "3 wallets bought a large amount of Base is for everyone’ before Base posted and sold them, making a profit of ~$666K.” As a result, the community criticized the network’s team for the memecoin, calling the incident a rug pull and asking them to "stop launching worthless tokens that will all inevitably go to 0.
Analyst Says Face-Melting’ Rally Comes Next Pollack considers that "someone has to normalize putting all of our content onchain.and i’m not afraid for it to be us.why? because in the wake of the chaos, we’ll normalize the behavior and create a better future for creators.” Nonetheless, many users remain skeptical, with community members also criticizing Base’s post announcing investors can mint a deleted scene of the “Vitalik: An Ethereum Story” documentary, where the project’s founder, Vitalik Buterin, shows what’s in his backpack.
The Rise And Fall Of Base’s Unofficial Memecoin On Wednesday, Base’s official X account posted an image with the text "Base is for everyone.” Moments later, they shared a link to the on-chain social protocol Zora and the caption “Coined it,” sparking a speculative frenzy among investors.
The story "On-Chain Experiment Or Rug Pull? Base Faces Backlash After Unofficial Memecoin Crashes 90%" has 580 words across 82 sentences, which will take approximately 3 - 5 minutes for the average person to read.
Which news outlet covered this story?
The story "On-Chain Experiment Or Rug Pull? Base Faces Backlash After Unofficial Memecoin Crashes 90%" was covered 1 weeks ago by NewsBTC, a news publisher based in United Kingdom.
How trustworthy is 'NewsBTC' news outlet?
NewsBTC is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United Kingdom and publishes an average of 9 news stories per day.
It's most recent story was published 9 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
