Coinbase’s Layer 2 network, Base is facing intense scrutiny after what appears to be a major pump and dump. The project’s official Twitter account publicly promoted Meme Coin, entitled “Base Is for Everyone.”
This led to a speculative surge, increasing the token’s market capitalization from an estimated $15 million to $20 million within hours of launch. The token quickly fell sharply as it approached zero on mute.
Did the base help fuel the pumps and dumps?
Base’s tweet, featuring a promotional image and direct links from Zora’s Meme Coin, has created a perception of legitimacy.
Traders were piled up, and the price charts reflected an explosive gathering.
“Bass is for everyone.” Posted. Source: Base/X
Within one 4 hour trading window, green candles representing millions of influxes were quickly reversed by red candles of equal size, marking full loss of liquidity, and confirming textbook pumps and dumps.
The value of the token fell more than 99%, and UNISWAP’s trading volume spiked over $13 million during a short window of activity.
There is massive, continuous rage against both Coinbase and Base. Cryptofluencers call the incident a failure of due diligence and communication strategies.
Accusations of incompetence and low-risk surveillance are spreading rapidly on social media, but the network’s “base is for everyone” meme is everywhere.
The base has not yet provided an official response to the incident.