Author: Nancy, PANews

Unlike the recent revival of MEME culture on Solana, the MEME ecosystem on Base remains in silence. However, on April 17, the Base official suddenly made a high-profile appearance, sharing its created MEME coins like "Base is for everyone" on X, attempting to ignite enthusiasm for on-chain culture.

This carefully planned on-chain cultural revival experiment quickly spiraled out of control—the related MEME coins surged briefly before crashing, and the Base official was thrust into the spotlight of public opinion. However, the story did not end there; as the "Base is for everyone" incident was transformed into a popular meme, the price of the MEME coins unexpectedly staged a V-shaped reversal, and on-chain sentiment fluctuated accordingly.

Base's Coin Launch Sparks Controversy, Marketing Flop Unexpectedly Reverses

In the early hours of April 17, the Base official issued a token named "Base is for everyone" on the Zora platform, sharing it prominently via official Twitter. Subsequently, the price of this MEME coin skyrocketed to $17 million, instantly igniting the long-dormant community atmosphere. However, shortly after, Base launched a second token, "Base @ FarCon 2025," which was seen by the community as a "backstab," leading to a 99% price crash of the "Base is for everyone" token within hours, dropping to a low of $717,000.

Behind this crash, in addition to the uncontrolled coin launch rhythm, high buy-sell taxes and insider trading suspicions also became the ignition points. It is reported that this MEME coin set a 20% buy-sell tax, resulting in extremely high actual trading costs, significantly weakening liquidity. Moreover, the token distribution was highly uneven, with the top three wallets holding 47% of the tokens, one of which alone held 25.6%, raising concerns about market manipulation. According to Lookonchain monitoring, three wallets bought a large amount of this token in advance of the Base official's related tweets and subsequently sold it, collectively profiting about $666,000. The community's anger over insider trading further damaged Base's credibility.

In the face of controversy, the Base official attributed the incident to "experimental marketing." The Base official responded that the reason for posting on Zora was the belief that everyone should bring their content on-chain and use tools that can achieve this. Memes, moments, culture. If Base wants the future to belong to the on-chain world, it must be willing to boldly experiment in the public eye. This is exactly what Base is doing. It is important to clarify that Base will never sell these tokens, and they are not official network tokens of Base, Coinbase, or any related products. The content shared by Base is a creative expression that will continue to bring culture on-chain.

Base global builder NKECHI also clarified on Twitter that Base did not issue coins to pump prices; this is a "content coin," fundamentally different from MEME coins. The core of a content coin is not speculation, but meaning. What you are buying is not a project, but a moment, an atmosphere, a piece of culture. This is an expression on-chain, not an expectation on-chain. This field is still very new, and Base is still learning, but do not mistake "misunderstanding" for "failure." Base has always been about bringing culture on-chain, conducting public experiments, and supporting permissionless creative expression. Because in this new economy, everyone—whether a brand, developer, artist, or shitposter—can bring content on-chain and turn it into a "coin." Posters, advertisements, videos, memes, art—all can be coined. This is not just content; this is a new way of marketing, a new way of creation, a new way of expression.

Despite the official efforts to clarify, the controversy did not immediately subside; instead, it unexpectedly ignited a meme movement, with the community and crypto projects using "** is for everyone" as a template, sparking a viral creative wave filled with satire and narrative power. With market sentiment supporting it, Base's marketing unexpectedly gained high attention, and the price of the "Base is for everyone" token dramatically staged a V-shaped reversal. According to GMGN data, the token rebounded to a high of $22.55 million, with a trading volume exceeding $33 million in the past 24 hours.

Daily Revenue Hits Two-Year High, Zora Set to Issue Tokens

"Zora is a social network where every post is a MEME coin." In this Base coin launch incident, Zora is the direct beneficiary of traffic and revenue.

According to Blockworks data, Zora's latest daily revenue exceeded $137,000, reaching a rare high in nearly two years. Prior to this, Zora had faced a significant drop in participation due to the sluggish NFT market. However, compared to the revenue during the previous NFT boom, Zora has declined considerably at this stage.

Moreover, Zora's market participation remains limited. Dune data shows that over the past two months, the number of daily independent creators on Zora has remained in the tens of millions, with the daily number of token creations ranging from thousands to tens of thousands. Compared to other MEME coin issuance platforms like Pump.fun, Zora's market share still lags behind: as of April 16, the market shares of Pump.fun and Zora were 74.3% and 25.7%, respectively. Within the Base ecosystem, Zora's token issuance accounts for only 4%, indicating very limited influence.

This Base coin launch has been interpreted by the outside world as a promotional effort for Zora. In March of this year, Zora announced plans to launch a native token, ZORA, on the Base network, with a total supply of 10 billion tokens. The first snapshot was taken on March 3, 2025, at 9 AM (Eastern Standard Time), and the second snapshot will be taken three days before ZORA goes live.

Furthermore, Zora's operational model aligns with the visions of Base and Coinbase, as each post on the platform is converted into a tradable ERC-20 token. In fact, Coinbase has been actively promoting the development of the "on-chain creator economy," encouraging creators to launch projects on-chain and co-hosting Onchain Summer with Base. According to previous disclosures from Zora, the platform has over 2.4 million collectors and 618,000 creators, generating over $27.7 million in rewards and driving over $376 million in transactions in the secondary market.

In summary, from ignition, to crash, to resurgence, this farcical cultural experiment not only reignited attention on the MEME market for Base but also once again showcased the absurdity and vitality of on-chain culture.

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