On-chain assets have recently become active again.

With the emergence of the hundredfold Golden Dog RFC on Solana, the Base chain is also stirring.

Around 3 AM today, the official Base X account, which has nearly 900,000 followers, posted: "Base is for everyone." The post included an image showcasing this slogan.

What further fueled FOMO was the official Base account directly replying in the comments with "Coined it" and linking to the meme coin "Base is for everyone" on the Zora platform.

Contract address:

0xD769d56f479E9E72a77bB1523e866A33098Feec5

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

As an important part of the Coinbase ecosystem, every move by Base attracts significant attention. The endorsement from the official account is seen by many degens as a "safety signal," and in the current market where there are few Golden Dogs, this has given everyone greater confidence to get in.

One hour of pump, five minutes of rug

Since the post was made, DEXSCREENER data shows that the meme token of the same name gradually rose in price within an hour, skyrocketing from $0.0001 to $0.012, a staggering increase of 120 times, with its market cap soaring from tens of thousands to $20 million.

However, the good times didn't last long.

This officially endorsed meme coin staged a classic scenario of one hour of pump followed by five minutes of rug.

Around 4:30 AM, the market suddenly reversed, and the token's market cap plummeted from $14 million to $1.4 million in just five minutes, with a drop of up to 90%.

After the token's crash, the community's mood quickly shifted from excitement to anger, with discussions on the X platform surging. Many users pointed fingers at the Base official account, sarcastically reinterpreting its slogan "Base is for everyone" as "open to everyone, including rug pullers."

More seriously, this has harmed the image of Base.

Some users directly accused the Base official account of "destroying brand trust," as the coin directly endorsed by Base quickly rug pulled, severely damaging public perception. Additionally, due to Coinbase's regulated public trading status, the public has developed a highly negative view of it, leading to harsh criticism of Jesse Pollak and the Base leadership.

Since Base has also been on the path of compliance, this negative event is seen by the community as likely to attract more potential regulatory scrutiny.

However, beyond the negative sentiment, "Base is for everyone" did not completely rug.

After the crash, around 5 AM, the token price began to slowly recover. By the time of writing, the token's market cap had rebounded to around $8 million. Trading volume during this phase remained active, with a total trading volume of up to $27.1 million within 24 hours, and the number of buyers increased from about 4,000 after the crash to 7,300, indicating that there are still speculators entering the market.

The reasons for the rebound may be twofold: first, speculators believe the price has hit bottom and are re-entering to buy the dip; second, some large holders may be repurchasing at low levels to stabilize the price or further profit.

Who's selling caused the crash?

The crash of the "Base is for everyone" token in five minutes was not without clues; on-chain data revealed key insights behind the crash.

Analyst @dethective conducted an in-depth analysis and found that the trigger for the crash originated from the actions of a mysterious address.

Mysterious address:

0x099246ca997acf47ada682c9c60f9ed0954ad960

This address purchased tokens worth 1.5 ETH (about $2,400) just one minute before the Base official post (April 16, 21:13 UTC), and then continued to sell at the price peak ($0.012).

The post indicates that this sale yielded a profit of up to $200,000, with an astonishing profit margin.

On-chain transaction records further confirm that part of the seller's profit was transferred to an address named "bandemic.base.eth."

At the same time, we also checked the overview of this address using GMGN. Besides the success of "Base is for everyone," this address is also a frequent sniper of other meme coins on Base and is marked as smart money by the platform.

Past performance shows that this address typically profits in the range of hundreds to thousands of dollars. This time, it achieved extraordinary gains with "Base is for everyone."

But for most retail investors, after a dramatic event, if they seriously participated and chased the price up and down, they might face the classic dilemma of "the price is still there, but the position is gone."

What can we learn from this incident?

First, discard the lofty perceptions of official endorsements. Official backing does not equal safety; meme coin projects involving official participation may also involve insider trading and pump-and-dump schemes.

Second, during practical operations, monitor the movements of large holders in real-time to avoid becoming a bag holder. For example, paying attention to the concentration of token holdings (the proportion held by the top 10 holders) and unusual trading volumes can provide some reference.

On a deeper level, the root of the controversy in this Base incident may lie in a strategic execution error.

Base attempted to attract users and enhance ecosystem vitality through meme coins, and this idea of "cultural on-chain" is not inherently problematic.

However, during execution, Base overlooked the community's core demand for transparency and fairness.

Zora, as an important partner in the Base ecosystem, its TGE (Token Generation Event) mechanism may have been a significant driving force behind the incident. Although the community's speculation of a "Base-Zora joint pump" has not been confirmed, Base should publicly disclose the details of its cooperation with Zora to dispel doubts.

Base did not adequately disclose risks when promoting the token and failed to communicate with the community in advance, leading to a trust crisis. If they later explain it as an experimental promotion, it will seem somewhat hollow.

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

Remember the risks and proceed with caution.

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