Base official tweeted at 3:13 am today, with the content of "Base is for everyone" attached with a picture. The word "everyone" in the picture is circled in blue, emphasizing the inclusiveness and openness of the Base platform, which subsequently triggered a drastic fluctuation in the price of the token.

Why the plunge?

According to community discussions and transaction data, the BASE token's market cap hit a high of 4:17, breaking through $17 million. But just 75 minutes after the creation of the "Base is for everyone" token, Base posted a post on the Zora platform to promote the event to be held in New York next month - which has produced a new token called "Base @ FarCon 2025". According to DEX Screener data, the new token reached a peak of nearly $1 million in the first minute after it went live, and then quickly fell by about 77%, eventually stabilizing at around $230,000. After the release of "Base @ FarCon 2025", the market value of the "Base is for everyone" fell sharply to US$623,000, a drop of more than 95%, pulling out a big diving line.

Although Base clarified that Base will never sell these tokens, these are not official online tokens for Base, Coinbase or any other related products. "The content we share is creative, and we will continue to bring culture to the chain." But it still cannot avoid overwhelming criticism from users.

Many users accused the Base team of "rug pull", suspecting that the team suddenly sold out after the token price rose, causing the price to collapse. Some people directly questioned: "Wtf did yall just rug me?" Some people accused themselves of using the proceeds of BASE tokens to buy Birkin bags, but now they can't even afford H&M bags; some people imitated what the founder of Base said to calm the community's emotions, and satirized "Just rug it"... Obviously, the community was very excited about this unprepared plunge.

KOL Laser Cat complained on the public platform that "everything can be tokenized on the Zora platform", "the decision-making level obviously lacks basic on-chain awareness", and "the on-chain era also patches after the incident", and suggested that the encryption organization "the team configure at least 10% of real on-chain residents, conduct basic scenario sandbox testing before major decisions, and stop using Web2 thinking to operate on-chain communities."

When the community vented its dissatisfaction with the project party, an analyst on the chain found out the culprit of the plunge. according to@dethectiveAnalysis of this sell-off was triggered by an address that purchased tokens worth about 1.5 ETH one minute before the official tweet of the Base account, and then began to sell continuously. It has now transferred part of its profit to the address with the domain name bandemic.base.eth, which is: 0x099246ca997acf47ada682c9c60f9ed0954ad960.

Rebate or potential stock?

Interestingly, "Base is for everyone" did not fail to recover because of the sharp plunge, but continued to rise slowly, breaking through the previous high at noon on the 17th and reached a market value of US$22.83 million.

According to community discussion, after experiencing the price plunge in the early morning and the confusing behavior of the team, users began to refocus on the original "Base is for everyone" token. user@ 0xhayush__Posted to describe the event process: "Base is for everyone" reached a market value of $16 million within 1 hour after its release -> The team released another CA which caused a 94% decline -> The community returned and decided to push the original token -> 20 times again. This description also illustrates the reason why the community acted collectively during the noon period to support the original token, causing the token to break through the previous high.

Community sentiment also shifted with the price rebounding, from anger in the early hours to optimism now. For example, some users took screenshots of the price trend and wrote in a relaxed tone, "Why are you still angry after checking the price?", implying that the price has recovered. Its comment section is also full of optimistic expectations, with many saying "continue to hold" and "buy more now", without any sign of the anger he was rug eight hours ago.

But is this rebound a comeback, or does it mean that "Base is for everyone" is really a potential stock that is forming a community consensus? According to the Zora platform, the "Base is for everyone" token is not the official token of Base or Coinbase, but is automatically tokenized through Zora, aiming as an art and cultural collection rather than an investment tool. Base made it clear that these tokens do not expect profits or returns, and Base will not sell its 10 million tokens, and all fees will be used to support developers on Base. Base also stated on X: "These are not official online tokens for Base, Coinbase or any related products. The content we share is creative and we will continue to bring culture to the chain." All of these signs indicate that the value of the “Base is for everyone” token does not depend on Base’s project infrastructure or long-term development plans, but is driven by community interests and speculative sentiment.