A new meme coin, Base Is For Everyone (BASE), experienced a dramatic rise and fall in value within the last 24 hours. The token surged over 88% before plummeting nearly 90%, reaching a market cap of $1.9 million after Coinbase distanced itself from the project. Despite initially promoting the token on both X (formerly Twitter) and Zora, the company clarified that it did not launch an official BASE token and does not have any control over its development or trading. While Base’s Zora page shows earnings of $73,422 and trading volume of $34.69 million in the last 24 hours, crypto community reaction remains mixed. Some users on X criticize the project’s decision to launch a meme coin alongside accusations that Coinbase has lost credibility due to this incident. However, the token’s creator, Jess Pollack, defended the creation, arguing it is necessary for normalizing content being stored on-chain.