Base Layer 2 network, owned by the exchange Base, recently faced severe criticisms. It all started when a token called Content Coin titled ‘Base is for Everyone’ was automatically released via the Zora platform and experienced drastic price fluctuations. The market value of this token reached around $15-20 million within hours but suddenly plummeted almost to zero in a few minutes. The situation escalated with Base’s official promotional post on social media, enticing many users to buy the token. Within less than 4 hours, millions of dollars poured into the token market, but with just one red candle, the market emptied. The token’s value dropped over 99%, and its trading volume on Uniswap exceeded $13 million. Following this event, the virtual space was filled with criticisms of Base and CoinBase’s performance, with many users seeing it as a sign of communication and oversight weaknesses. On the other hand, Base developers defended themselves, emphasizing that this token was not an official Base token but a cultural Content Coin. Charis, one of the Base developers, stated: ‘If someone considered this token as an investment opportunity, they misunderstood.’ Jesse Pollak, Base’s co-founder, aims to clarify the concept of Content Coins, normalizing blockchain content ownership and supporting content producers in the future. However, reports indicate that some wallets, with prior knowledge of the exact token release time, have made significant profits. This has led users to find the explanations provided by the Base team insufficient, keeping criticisms of this network ongoing. On the real-time digital currency price page, you can view the prices of all tokens and cryptocurrencies live and instantly.
