Base's official Twitter account posted a tweet at 3:13 AM today, stating "Base is for everyone," accompanied by an image where the word "everyone" is circled in blue, emphasizing the inclusivity and openness of the Base platform. This subsequently triggered significant price volatility for the token.

Why the sharp drop?

According to community discussions and trading data, the market capitalization of the BASE token peaked at 4:17 AM, surpassing $17 million. However, just 75 minutes after the "Base is for everyone" token was created, at 4:31 AM, Base posted on the Zora platform promoting an event to be held in New York next month—this led to the creation of a new token named "Base @ FarCon 2025." According to DEX Screener data, the new token reached a peak of nearly $1 million within the first minute of its launch, before quickly dropping by about 77%, eventually stabilizing around $230,000. Meanwhile, the market capitalization of the "Base is for everyone" token plummeted to $623,000 after the release of "Base @ FarCon 2025," a decline of over 95%, resulting in a significant downward spike.

Despite Base clarifying that they would never sell these tokens and that they are not official network tokens of Base, Coinbase, or any other related products, stating, "The content we share is creative, and we will continue to bring culture on-chain," they could not escape the flood of accusations from users.

Many users accused the Base team of a "rug pull," suspecting that the team suddenly sold off tokens after the price surged, causing the crash. Some directly questioned, "Wtf did yall just rug me?"; others lamented that they had originally planned to use the profits from BASE tokens to buy a Birkin bag, but now they couldn't even afford an H&M bag; some mocked the Base founder's attempt to soothe community emotions with "Just coin it," sarcastically saying "Just rug it"…… Clearly, the community was very agitated by this unexpected crash.

KOL Laser Cat publicly criticized, "Everything can be tokenized on the Zora platform," "The decision-making team clearly lacks basic on-chain understanding," and "In the on-chain era, we still deal with issues after they arise," suggesting that crypto organizations "should at least have 10% real on-chain residents on the team, conduct basic scenario sandbox testing before major decisions, and stop operating on-chain communities with Web2 thinking."

As the community vented their dissatisfaction with the project team, an on-chain analyst identified the culprit address behind the crash. According to @dethective's analysis, the sell-off was triggered by an address that purchased approximately $1.5 ETH worth of tokens one minute before the official tweet from the Base account, and then began selling continuously. This address has since transferred some profits to the domain bandemic.base.eth, which is: 0x099246ca997acf47ada682c9c60f9ed0954ad960.

A flash in the pan or a potential stock?

Interestingly, "Base is for everyone" did not falter after the sharp drop but has been slowly rising, surpassing a market capitalization of $22.83 million by noon on the 17th.

According to community discussions, after experiencing the price crash in the early morning and the team's confusing actions, users began to refocus on the original "Base is for everyone" token. User @0XaYUSh__ posted a description of the event's progression: "Within 1 hour of the release of 'Base is for everyone,' it reached a market cap of $16 million -> The team released another CA causing a 94% drop -> The community flowed back and decided to push the original token -> Again 20 times." This description also illustrates the collective action of the community during the noon period, supporting the original token, which led to the token surpassing its previous high.

Community sentiment has also shifted with the price recovery, moving from anger in the early morning to optimism now. For example, one user screenshot the price trend and casually captioned, "Why is everyone still angry after checking the price," implying that the price has recovered. The comments section is filled with optimistic expectations, with many stating "holding on," "now I want to buy more," showing no trace of the anger felt eight hours ago when they were rug pulled.

But is this rebound a flash in the pan, or does it indicate that "Base is for everyone" is truly a potential stock forming community consensus? According to Zora platform's description, the "Base is for everyone" token is not an official token of Base or Coinbase, but rather content that has been automatically tokenized through Zora, intended as an art and cultural collectible rather than an investment tool. Base has made it clear that these tokens are not expected to yield profits or returns, and Base will not sell its 10 million tokens; all fees will be used to support developers on Base. Base has also stated on X: "These are not official network tokens of Base, Coinbase, or any related products. The content we share is creative, and we will continue to bring culture on-chain." These signs indicate that the value of the "Base is for everyone" token does not rely on Base's project infrastructure or long-term development plans, but is driven by community interest and speculative sentiment.

Lacking substantial use cases and official support, the price is also easily influenced by market sentiment. Once the community hype ends, the price of "Base is for everyone" is likely to drop again. The rollercoaster-like crash of the Base token followed by a gradual return to new highs seems more like another sign of warming market sentiment, with more hot money and increased confidence, showing that even a drop to nearly zero can lead to a comeback. Instead of cursing or lamenting, it might be better to keep an eye out for the next possible opportunity.

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