Hundreds of X posts have criticized Base over the token, with one X user saying that “any credibility this chain had is now gone.”Former Riot Platforms researcher Pierre Rochard called the token “terrible for the industry, very short-term transactional extraction.” AP Collective founder Abhishek Pawa said on X that Base “tried redefining memecoins as ‘contentcoins’ and completely botched the execution.”“The core innovation actually has potential,” he added.“But base utterly fumbled execution, optics, and trader expectations, resulting in justified backlash.”Meanwhile, Base creator Jesse Pollack, who has posted to Zora to create dozens of tokens in the past two months, defended Base creating the token, saying on X that “someone has to normalize putting all of our content onchain.
I'm not afraid for it to be us.”He added that creating a token for internet content is “the end game for how we can build a new economy where creators earn from their creativity,” which he said would “require overhauling our mental models and product experiences.”Token “horrifically sniped” and second launch fizzlesHarrison Leggio, the co-founder of crypto startup g8keep, said that the Base is for everyone token “was HORRIFICALLY sniped.”Leggio, who goes by “Pop Punk” on X, said he found two addresses that bought 21% of the token’s supply for 2 Ether (ETH), currently worth about $3,200 before both wallets transferred the tokens to other addresses and sold them for a total profit of around $300,000.
The spokeswoman pointed to a legal disclaimer on the token’s Zora page that states Base’s posts on the token-making platform “are similar to those already shared on X — do not expect profits or returns and no ongoing development or efforts will be made to increase their value.”The post adds that Base will receive 10 million tokens out of a total supply of 1 billion that it pledged never to sell, and money made from fees will support grants for the network’s developers.
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Author / Journalist: Cointelegraph by Jesse Coghlan
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