Base Meme Coins Rise and Fall: Whales Make $666K Before the Crash
- The Base is for everyone coin surged to $17M before crashing 95%, sparking debates on crypto market volatility.
- Base clarified the coin was an experimental, unregistered offering and emphasized no official involvement in sales.
- Whale wallets made up to $666K profit by purchasing large token amounts before official announcements and selling later.
The Base is for everyone meme coin was briefly listed on Coinbases Base network and got to a market cap of $17 million in its short time. Initially marketed as part of a Base promotion through Zora, an on-chain content platform, the coin attracted considerable attention at first. It rapidly declined by 95% after this surge, and the price could not hold steady at the new high.
The primary objective of the coin was to expand the horizons of cryptocurrency practice within the domains of post-internet counterculture. However, Base, the company behind the coin, clarified that it was an unregistered offering and that they will not be selling their 10 million tokens of creator stake. Still, the high volatility in the value of the coin has attracted and encouraged people, making them consider the experiment.
Whale Activity and Profits
Base described it as a public test to observe the viability of tokenizing content. The team also emphasized that the coin was developed solely as an experimental project, rather than as a formal initiative. Nonetheless, the sharp drop in prices for these digital assets and the withdrawal of first movers have raised alarm within the context of the members of the crypto populace.
According to Lookonchain, there were four significant whale pumps on this token before the official announcement was made. These wallets, in later stages, began dumping their shareholding and, in the process, made handsome profits. In total, it was possible to make approximately $666,000 from the traded assets.
Specifically, the wallet 0x0992 submitted 1.5 ETH ($2,370) to purchase 256.39 million tokens. He later exchanged it for 108 ETH, which are equivalent to $170,400, thereby making a profit of $168,000. Another wallet with address identification number 0x5D9D purchased 1 ETH ($1,577) in exchange for 82.86 million tokens and later sold the tokens for 169.7 ETH ($267,600), resulting in a net gain of $266,000.
Base Token Market Moves
The third wallet, with the address 0xBD31, bought tokens for 1 ETH, which was equivalent to $1,577 at the time, for 131,920,685 tokens. It then sold 109.92 million of those tokens for 148 ETH ($233,400) and earned a profit of $231,800. This case was registered after the official X post; the token had already been created.
The overall discussion has been centered on the experiences of the community members in relation to token launches and the possibility of market manipulation by early investors. Regardless of the outcome, it has raised questions on how such experiments may be used to define future trends in the world of cryptocurrency.
Read more: https://www.tronweekly.com/base-meme-coins-rise-and-fall-whales-make-666k/
Text source: TronWeekly
