Memecoin Crash: Base Faces Backlash

Base Faces Backlash After Unofficial Memecoin Crashes Over 90%

• Base’s unofficial memecoin saw a market capitalization surge to $17 million before collapsing by 92%.
• The top holders, owning 47% of the supply, sold shortly after launch, causing the crash.
• Three wallets profited approximately $666K by buying and selling large amounts before Base’s post.
• Zora data shows Base earned around $81,000 from the memecoin despite the backlash.
• The memecoin recovered to a peak market cap of $26 million before settling between $9 million-$10 million.

Base faced criticism for promoting an unofficial memecoin that crashed significantly after its launch. Despite initial losses, the token’s market cap later stabilized in the $9 million-$10 million range. Base clarified these tokens are not official network tokens and emphasized their commitment to on-chain experimentation.