Base, the Ethereum Layer-2 network incubated by Coinbase, sparked controversy after launching Base Is For Everyone (BASE), a token tied to on-chain content rather than a traditional meme coin or project.

The token initially surged to a $17 million market cap before crashing, only to rebound 64% in the last 24 hours amid heated debate over its purpose and legitimacy.

Price Action and Insider Trading Allegations

The token’s launch was anything but smooth. Shortly after Base promoted it via an official post, the price skyrocketed to $0.0091 per CoinMarketCap data. It then plunged to a low of $0.00308 just over an hour later when Base coined a second token on the Zora creator protocol.

Interestingly, Lookonchain claims that three wallets bought large quantities of Base Is For Everyone before the announcement, collectively making a profit of more than $666,000 after selling into the hype. According to the on-chain analytics platform, one wallet, 0x5D9D, turned a $1,577 investment into $267,000, while another, 0xBD31, made $231,800.

These transactions led to accusations of insider advantage, with critics like pseudonymous blockchain investigator Dethective quipping, “Base is for everyone. Especially if you are an insider and can profit 200k.”

Despite the initial crash, data from CoinMarketCap shows the token has since rebounded, even reaching an all-time high (ATH) of $0.021. At the time of this writing, Base is for everyone was trading 26.5% below the ATH at $0.01538.

Still, the price was a 64% improvement over 24 hours and more than 422% higher than its lowest level, pushing its market cap back to $16 million. Trading volumes have also spiked to $39.2 million, suggesting speculative interest remains strong.

Content Coins vs. Meme Coins

Responding to the ensuing criticism, Coinbase Head of Protocol Jesse Pollak doubled down on the experiment, framing Base is for everyone as a “content coin,” a category distinct from meme coins. Pollak argued in a lengthy post on X that content coins represent single pieces of culture, whether memes, art, or moments, rather than speculative assets.

“Content coins are not built on speculation. They’re built on meaning. You’re not buying into a project, you’re collecting a moment. A vibe. A piece of culture. It’s expression onchain, not expectation,” wrote Base contributor Nkechi.

Pollak echoed this, stating that content coins should be judged by engagement, not price action, and emphasized that Base would never sell these tokens for profit.

Yet critics remain skeptical. Pump.fun co-founder Alon Cohen argued that while tokenizing content may become normal in the future, Base’s move clashed with current market expectations: “If you launch a coin AND have social influence, that comes with responsibility,” he stated.