A new meme coin launched by Base crashed soon after reaching a market cap of $17 million, raising suspicion of a possible rug-pull since three wallets held 47% of the total supply.
Pump.fun co-founder has stated that the team should have considered the realities of the market before launching the asset.
Coinbase-backed layer 2 network Base has come under criticism after launching a meme coin that quickly pumped and crashed in minutes. According to the information gathered by CNF, a disclaimer was earlier issued by Zora, a platform where people can turn content into tokens; however, this could not stop the speculative wave.
How it Started
On April 16, Base posted a cryptic message – “Base is for everyone” on its official X account. About an hour later, Base made another post containing a link to Zora, hinting that its earlier message was minted as an ERC-20 token.
Despite Zora disclaiming that this is not an official Base token, buying pressure reached a significant lev
