Original title: "Base official order Meme coins plummeted 90% in 5 minutes, who is harvesting? 》

Original source: TechFlow

On-chain assets have become active again recently.

With the birth of the Hundred-Time Golden Dog RFC on Solana, the Base Chain is also ready to move.

At around 3 a.m. today, the official Base X account with nearly 900,000 followers posted a post: "Base is for everyone". The post comes with a picture showing this slogan of the same name.

What makes people feel even more FOMO is that Base official directly replied to "Coined it" (sent a coin) under this comment section and linked it to the meme coin "Base is for everyone" on the Zora platform.

Contract address: 0xD769d56f479E9E72a77bB1523e866A33098Feec5

Base founder Jesse also retweeted the post, and the "official call" action quickly ignited market enthusiasm.

As an important part of the Coinbase ecosystem, every move of Base has attracted much attention. The endorsement of the official account is regarded as a "safety signal" by many Degens. In the current situation where there are not many golden dogs in the market, this also gives everyone greater confidence to get on the car.

Pull the plate for 1 hour, Rug for 5 minutes

Since the post was posted, DEXSCREENER data showed that the price of the Meme token of the same name gradually rose within an hour, soaring from $0.0001 to $0.012, an increase of up to 120 times, and its market value surged from tens of thousands to $20 million.

However, good times did not last long.

This official Meme coin has staged a classic market for one hour and 5 minutes.

At around 4:30 in the morning, the market situation suddenly flipped, and the token's market value fell from 14 million to 1.4 million in just 5 minutes, a drop of 90%.

After the token plunged, the community's sentiment quickly shifted from excitement to anger, and the volume of discussion on the X platform surged, and many users pointed their finger at Base official, mocking its "Base is for everyone" slogan reinterpreted as "open to everyone, including Rug&Pull people."

What's even more serious is the damage to Base's official image.

Some users directly accused Base of "destroying brand trust", and the coin directly endorsed by base was quickly rug, seriously damaging the public image; in addition, due to Coinbase's regulated public transaction identity, the public has developed a highly negative view of it, resulting in severe criticism of Jesse Pollak and Base leadership.

As Base has also been on the road to compliance, this negative incident is also believed by the community to attract more potential regulatory scrutiny.

And beyond negative emotions, Base is for everyone is not completely Rug.

After the plunge, the token price began to slowly rebound around 5 a.m. As of press time, the token's market value has rebounded to around $8 million. Trading volumes at this stage remained active, with the total trading volume reaching US$27.1 million in 24 hours, and the number of buyers increased from about 4,000 after the plunge to 7,300, indicating that speculators are still entering the market.

There may be two reasons for the rebound: one is that speculators believe that the price has bottomed out and reentered the market to buy at the bottom; the other is that some big players may repurchase at low levels to stabilize the price or make further profits.

Whose selling caused the plunge?

The token's plunge in 5 minutes is not without trace, and the on-chain data reveals the key clues behind the plunge.

After an in-depth analysis by analyst @dethective, he found that the trigger point of the plunge stems from the operation of a mysterious address.

Mysterious address: 0x099246ca997acf47ada682c9c60f9ed0954ad960

The address bought 1.5 ETH (approximately $2400) tokens just 1 minute before the official Base post (April 16 21:13 UTC), and then continued to sell at the price high ($0.012).

The post shows that the sell-off made a profit of up to $200,000, with a stunning profit margin.

The on-chain transaction records further confirmed that part of the seller's profit was transferred to an address called "bandemic.base.eth".

At the same time, we also looked at the overview of this address. In addition to Base is for everyone's victory, this address is also a frequent sniper of Meme coins on other Bases, and was also marked as Smart Money by the platform.

Past records show that the address's profit range is usually in the range of several hundred to several thousand dollars. This time I got extraordinary returns on Base is for everyone.

But for most leeks, if they seriously participate and chase the rise and fall after a Drama, they may face the classic dilemma of "the price is still missing".

What can we learn from this incident?

First, abandon the official high-level cognition. Official endorsement does not mean safety. The meme coin project that the official participates in may also involve internal transactions and pull-out selling.

Secondly, when conducting practical operations, monitor the movements of major players in real time to avoid becoming a buyer. For example, paying attention to the concentration of token holdings (the proportion of Top 10 holders) and abnormal trading volume can provide a certain reference.

From a deeper perspective, the root of the controversy in Base this incident may be the mistakes in strategic implementation.

Base tries to attract users and enhance ecological vitality through meme currency promotion. There is no problem with this "cultural link" idea itself.

However, during the execution, Base overlooks the core needs of the community for transparency and equity.

As an important partner of the Base ecosystem, Zora's TGE (token generation event) mechanism may be a driving force behind the event. Although the community's "Base-Zora joint pull-up" speculation has not been confirmed, Base should disclose the details of its cooperation with Zora to eliminate doubts.

Base did not fully disclose risks when promoting tokens and did not communicate with the community in advance, resulting in a trust crisis. If experimental promotion is explained later, it will look a little pale.

Finally, it's not Base is for everyone, but Risk is for everyone.

Remember the risks and move forward with caution.