Coinbase Caught in Alleged Leadership Conflict Over ‘Base Is for Everyone’ Token
At least three crypto wallets purchased the tokens before Base announced its launch on X.
Author: Omkar Godbole | Edited by: Parikshit Mishra Updated: Apr 17, 2025 4:38 PM Published: Apr 17, 2025 5:44 AM
What you should know:
- Three crypto wallets purchased tokens before the official announcement of the Base is for everyone token on X, which brought them significant profits.
- Base creator Jesse has given the token his stamp of approval.
Token launches continue to be a controversial topic, often criticized for their poor execution, allowing individuals with alleged inside information about upcoming releases to profit from electioneering activities.
The latest example is the “Base is for everyone” token, which was announced with Coinbase’s decision to launch Ethereum Layer 2 on Wednesday. Three crypto wallets bought the tokens before the official announcement on X, generating significant profits, according to blockchain detective Lookonchain.
At approximately 19:30 UTC on Wednesday, Base announced the launch of its token, which was issued via Zora, an on-chain social network that empowers creativity by turning any content posted on its network into tradable tokens. The token quickly grew to a market cap of over $15 million, generating significant profits for at least three crypto addresses that bought the coins before the official announcement on X.
“3 wallets purchased a significant amount of “Base is for everyone” tokens before @base posted and sold them for a profit of about ~$666k,” Lookonchain reported on X.
Wallet address 0x0992 invested 1.5 Ether (ETH) to purchase 256.39 million units of the token at 12:30 UTC and sold the entire coin supply for 108 ETH after the official announcement, making a profit of $168,000 in just an hour. Wallet address 0x5D9D invested 1 ETH ($1,580) and made a profit of $266,000, and another address designated 0xBD31 earned $231,800.
The token's market cap dropped to less than $2 million after Base announced another coin for its FarCon poster, which reduced the liquidity of the Base is for Everyone token and caused significant losses for its holders.
However, valuations have since recovered, with the market cap of Base is for everyone exceeding $18 at the time of writing, according to data from DEX Screener. Base creator Jesse has given the token a thumbs up, noting, “The goal is to ‘normalize the placement of all content on the chain.’”
The database is hosted only on Zora
Coinbase clarified that the Base is for everyone token is not an official Base cryptocurrency, and Layer 2 is not selling them directly. “Base is hosted on Zora, which automatically tokenizes content,” a Coinbase spokesperson told CoinDesk.
Zora's legal disclaimer stated the same, and Base also clarified its stance on X, stating that it would never engage in the sale of these tokens.
“To be clear, Base will never sell these tokens, and they are not official network tokens for Base, Coinbase, or any other related product. The content we share is creative, and we plan to continue to bring culture to the block.
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