Coinbase’s blockchain project, Base, faced immediate backlash after a newly launched meme coin crashed 90% within minutes of its release. Promising to put content like memes and cultural moments on the blockchain permanently, the experiment took an ugly turn as the token’s value plummeted, leaving many in the crypto community confused and frustrated. Despite explanations from Base, alleging it was merely a test for how to store such content, critics point out unfair practices with significant concerns about transparency. 21% of the total supply went into the hands of two early buyers who profited heavily before selling their shares, further contributing to the negative response.