BASE Token Faces Heat After Meme Coin Collapses Minutes Into Launch
The post BASE Token Faces Heat After Meme Coin Collapses Minutes Into Launch appeared on BitcoinEthereumNews.com.
A new meme coin launched by Base crashed soon after reaching a market cap of $17 million, raising suspicion of a possible rug-pull since three wallets held 47% of the total supply. Pump.fun co-founder has stated that the team should have considered the realities of the market before launching the asset. Coinbase-backed layer 2 network Base has come under criticism after launching a meme coin that quickly pumped and crashed in minutes. According to the information gathered by CNF, a disclaimer was earlier issued by Zora, a platform where people can turn content into tokens; however, this could not stop the speculative wave. How it Started On April 16, Base posted a cryptic message – “Base is for everyone” on its official X account. About an hour later, Base made another post containing a link to Zora, hinting that its earlier message was minted as an ERC-20 token. Despite Zora disclaiming that this is not an official Base token, buying pressure reached a significant level, pushing the market cap to around $17 million. However, this momentum was short-lived as the market cap crashed down to $1 million in a few minutes before moving further down to $623,000. Critically subjecting the project to a comprehensive analysis, we found Lookonchain data suggesting that the top three wallets held almost half of the total supply of the coin. These wallets reportedly made a cumulative profit of around $666k. According to market participants, some individuals might have had early information on the project. On-chain analyst Hantao Yuan hints that one wallet held 26% of the supply. He also observed that the fast-paced rise and fall of the asset was influenced by the presence of volume bots. Fascinatingly, more than 2,500 wallets were reportedly “caught in the trap.” Following the crash, Base posted on its…
