The 'Base is for everyone' meme coin was briefly listed on Coinbase's Base network and got to a market cap of $17 million in its short-lived time.

The ‘Base is for everyone’ meme coin was briefly listed on Coinbase’s Base network and got to a market cap of $17 million in its short time.

Coinbase's Base network briefly listed the ‘Base is for everyone’ meme coin, and it quickly reached a market cap of $17 million.

Initially launched as part of a Base promotion through Zora, an on-chain content platform, the coin attracted significant attention. However, it rapidly declined by 95% from this surge, and the price could not sustain itself at the new high.

The primary aim of the coin was to broaden the scope of cryptocurrency practice into the domains of post-internet counterculture.

Base itself stated that it was an unregistered offering and that they will not be selling their 10 million tokens of creator stake.

"Base is posting on Zora because we believe everyone should bring their content onchain, and use the tools that make it possible. Memes. Moments. Culture. If we want the future to be onchain, we have to be willing to experiment in public. That’s what we’re doing. To be clear, this is an unregistered offering and we will not be selling our 10M tokens of creator stake."

According to Lookonchain, there were four major whale pumps on this token before the official announcement was made. These wallets later sold their shareholding and made huge profits. In total, it was possible to make about $666,000 from the traded assets.

Specifically, the wallet 0x0992 put 1.5 ETH ($2,370) to buy 256.39M "Base is for everyone", and sold all for 108 ETH($170.4K), making $168K.

Another wallet with address id 0x5D9D bought 1 ETH ($1,577) for 82.86M tokens, and later sold the tokens for 169.7 ETH ($267,600), making $266,000.

The third wallet, with the address 0xBD31, bought tokens for 1 ETH, which was equivalent to $1,577 at the time, for 131,920,685 tokens. It then sold 109.92 million of those tokens for 148 ETH ($233,400) and earned a profit of $231,800. This case was registered after the official X post; the token had already been created.

The broader discussion has focused on the experiences of community members with token launches and the potential for market manipulation by early investors.