The Base token incident once again serves as a warning for the cryptocurrency market
Introduction
Recently, the MEME coin “Base is for everyone” launched by the Base platform has attracted attention in the cryptocurrency market. The token experienced a rapid surge and crash in market value, catching investors and community members off guard. This event not only revealed the market’s vulnerability but also highlighted the core need for transparency and fairness within the community. By analyzing this event in depth, we can better understand the dynamic changes in the crypto market and the driving forces behind them.
Market Volatility and Token Issuance
The token “Base is for everyone,” released by Base in the early hours, quickly sparked a market frenzy, with its price soaring to 17 million USD. However, with the introduction of the new token “Base @ FarCon 2025,” the market quickly collapsed, with the token price plummeting over 95%. This dramatic fluctuation not only exposed the risks of token issuance strategies but also reflected the community’s strong demand for transparency and fairness. Many users accused the Base team of conducting a “rug pull,” suspecting that the team suddenly sold off after the token price rose, leading to the price collapse. The community’s anger and accusations further exacerbated market unease.
The trigger for this crash seems to be related to market manipulation and insider trading. According to analysis, a certain wallet purchased a large number of tokens one minute before the official tweet was released and quickly sold them at a high price, making a substantial profit. This behavior intensified market unease and raised widespread doubts about the transparency of Base’s official actions.
Community Reaction and Emotional Shift
After the token’s market value plummeted, the community’s mood quickly shifted from excitement to anger, with social media filled with dissatisfaction and criticism towards Base officials. Many users expressed their disappointment and anger online, questioning Base’s integrity and motives. Some users even sarcastically changed the slogan “Base is for everyone” to “Open to everyone, including those who Rug&Pull.”
However, over time, market sentiment gradually warmed up, and users refocused on the original “Base is for everyone” token, pushing its market value to surpass previous highs. This rebound not only reflected the community’s collective action capability but also demonstrated the market’s keen grasp of speculative opportunities. Many investors chose to buy back at low prices, seeing it as a bottom-fishing opportunity. This optimism drove the token price to rise again, showing the market’s resilience to risk and anticipation of future opportunities.
Future Insights and Risk Management
This incident exposed issues of transparency and fairness in the cryptocurrency market. Although Base’s experimental marketing strategy aimed to promote on-chain culture, it neglected the core needs of the community in ution, leading to a crisis of trust. Concerns about insider trading and market manipulation in the community need to be addressed and resolved.
Base officials clarified afterward that these tokens were not official network tokens but creative expressions intended to bring culture on-chain. However, this explanation did not completely quell market anger. To restore trust, Base needs to handle such events more cautiously in the future, ensuring information transparency and maintaining community trust.
The rapid changes and high-risk nature of the cryptocurrency market require project teams to fully consider market reactions and community acceptance when launching new products and promoting them. Transparency and fairness are the foundations for building long-term trust, and any disregard for these principles could lead to serious market consequences.
The Base token incident serves as a warning for the cryptocurrency market, emphasizing the importance of transparency and community trust in a rapidly changing market. Although market sentiment has somewhat recovered, project teams should learn from this incident to avoid similar occurrences in the future. The development of the crypto market needs more regulation and transparency to ensure investor trust and market health. Only in this way can the prosperity and innovation of on-chain culture be truly realized.
