Base Memecoin Launch Triggers $17M Surge and Crash

Coinbase’s Layer-2 network, Base, launched a memecoin called ‘Base is for everyone’ on April 16, 2025. This promotional initiative sparked a dramatic rise in the token’s value, reaching a peak market cap of $17 million before an abrupt crash. confusion surrounding potential endorsement and speculation fueled a rapid trading frenzy that ultimately led to a significant sell-off. The incident highlighted concerns over transparency and community trust within the Base ecosystem.