Coinbase’s Layer-2 (L2) Network, Base, has faced intense backlash over rug-pull allegations after it promoted an unofficial memecoin that crashed by over 90%, sparking a debate about the future of memecoins and on-chain content.
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 protocol allows users to make social media posts into tradable tokens, automatically minting them. After Base’s post was turned into a token, the
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